Following the implementation of
ACI Proactive
Risk Manager, fraud levels on
Nationwide's debit card fraud portfolio dropped by around 80 per cent. Learn more at
http://www.aciworldwide.com/nationwide
Following the implementation of ACI Proactive Risk Manager, the fraud levels on Nationwide's debit card fraud portfolio dropped by around 80 per cent.
In
February 2009, Nationwide's debit card fraud losses were the lowest for over four years and reversed the trend experienced by the industry of 18 per cent year-on-year increases.
Nationwide has been awarded the Banking
Technology Magazine Award for
Best Use of IT in
Retail Banking for its use of ACI Proactive Risk Manager in fraud prevention and detection. In addition, Nationwide's fight against card fraud has been recognised by
Visa as "an incredible story" and puts
ACI Worldwide at the forefront of card fraud detection.
"
Nationwide Building Society works hard to deliver on its core values of putting members first, rewarding relationships, inspiring trust, delivering great service and exceeding expectation. These values are behind our continual focus on minimizing the impact of fraudster activity on our customers. ACI Proactive Risk Manager, with its inherent flexibility, has enabled us to maintain that focus and plays a critical role in enabling us to live up to our values," said
John Verrechia, senior manager, fraud analytics at Nationwide Building Society
.
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..Transcript..................
John Verrechia: Nationwide Building Society is the world's largest building society. We have around 50 million customers. We have assets in excess of
200 billion pounds. We offer products including current accounts, saving accounts, investment mortgage products, and we are mutually owned as opposed to public limited, so we're owned by and for our members.
We had no in-house fraud detection solution prior to Proactive Risk Manager, and we felt that that offered the best option for us because it was a bolt on product direct onto our
BASE24 Authorization
System, and it could be installed fairly quickly and give immediate results.
Andrew Carter: ACI helped Nationwide stem these fraud losses with the original deployment of Proactive Risk Manager, and the speed and agility which they helped
Nationwide reduce those losses was a critical success to us as an organization.
John Verrechia: Part of our detection strategy we utilized different blocking states values. These are non-standard values, and what they enable us to do is to single out particular types of fraud activity with no genuine impact. So we're able to utilize that with our Proactive Risk Manager implementation to allow us to take a fairly aggressive stance in terms of fraud prevention.
Andrew Carter: Following the rollout of Proactive Risk Manager, we've been able to reduce the number of customers that have been falsely impacted by alerts by 50%.
John Verrechia: As part of the project, we set up an automated customer contact strategy, which allowed our customers to receive an automated call, respond immediately to that call, and get that card unlocked straightaway with no
operator intervention.
Andrew Carter: The key benefits to Nationwide of Proactive Risk Manager was its speed of delivery, its flexibility, and its scalability to respond to the needs of our customers.
John Verrechia: In the last 3 years, we've seen a 75% reduction on card fraud losses. We've seen a 50% reduction in our customer impact, and we've also had no increase in our operational costs over that period.
Andrew Carter: By deploying Proactive Risk Manager, we now understand far more about our customers. We understand how they transact and when they transact.
John Verrechia: The key feature of
PRM, from our
point of view, is the inherent flexibility.
It's allowed us to implement and develop some sophisticated [storage] procedures and triggers and some internal tables that gives us a level of fraud detection that the standard [fraud] product doesn't necessarily provide.
Andrew Carter: The award were so significant for Nationwide, with over 1,600 worldwide customers. It gave Nationwide the opportunity to showcase what we've actually achieved to as large an audience as possible. SUBSCRIBE HERE TO SEE MORE
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- published: 16 Aug 2012
- views: 865