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October 18, 2017
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How Much Can You Trust Your Big Data?

In the financial services industry, fraud becomes an ever-increasing concern as the world becomes more connected through the web, electronic payments, mobility, and ever-changing technologies. The amount of data that is produced from any one customer transaction must be monitored closely, as there are various new sources to collect data from in today’s data landscape. Multiply this by the millions of transactions a payment systems company deals with on a regular basis, and biting off a Big Data fraud problem becomes more than you can chew.

Flavors of Fraud

Not only has technology improved greatly in the past decade, but the ways to circumvent traditional measures to protect against financial crimes have become more sophisticated. Malware, Trojans, phishing, vishing, whaling, SMSishing, first party bust-out, skimming, and hacking are only a few of the tactics criminals use to take advantage of people, organizations, and financial institutions. This is why companies and customers need to have peace of mind knowing their daily transactions are protected. A company like ACI Worldwide is dedicated to providing secure, real-time electronic payment solutions that are unsurpassed in the industry.

ACI Worldwide (ACI) is a payment systems company that delivers electronic banking and payment solutions for more than 5,000 financial institutions, merchants, billers and processors around the world. On Monday, we discussed how ACI leverages data to make quick and accurate decisions with the most complete omni-channel payments experience. ACI has also helped many organizations implement intelligent financial crime management solutions that can detect and manage unusual activity based upon known patterns in an account or transaction activity within an institution.

Security for a Modern Data Architecture

Financial institutions need to process large amounts of data from traditional and non-traditional sources in order to make intelligent business decisions and serve their customers. ACI Worldwide redefines payment capabilities with a fast, simple and secure Universal Payments solution that is at the core of ACI’s strategy to provide the broadest, most integrated suite of electronic payments solutions in the market. The Universal Payment Framework allows financial institutions, intermediaries, merchants and billers to have a flexible payment service,e which reduces risk and increases control over their payment strategies.

Hortonworks provides a critical aspect of ACI’s Big Data solution, which empowers the company to make real-time decisions about transactions in its Universal Payments framework. Understandably, ACI is careful about their technology tools. The company chose Hortonworks, and with security being one of the pillars of Hortonworks’ modern data architecture, the open source platform is not only cost-effective, but extremely beneficial. With various fraud management products, ACI can now store a large volume of data and analyze it in real time.

Ken Chenis, Chief Architect of ACI Worldwide talks about how ACI embarked on their journey with Hortonworks to solve some of their Big Data and fraud challenges.

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