Security & Fraud

Real-Time Fraud Fix For ACH Launches

Fraud prevention technology provider ACH Alert has partnered with Venture Bank to provide customers with real-time fraud protection through its PRO-TECH solution, the companies announced on Tuesday (April 12).

With the automated solution, accountholders will have the ability to stop unauthorized debits in real time and have greater control over their accounts. Venture Bank selected ACH Alert’s real-time debit approval process in an effort to replace its existing debit filter product.

“With the previous debit filter, detecting unauthorized transactions was a time-consuming process that often required research and manual input of a company’s information to reference for future transactions, but PRO-TECH automates this process and allows users to customize how and when they receive alerts,” Travis Barkve, SVP and CFO of Venture Bank, explained in a press release. “By automating the fraud detection and dispute process and enlisting the client, we expect to realize operational efficiencies, while our clients experience an enhanced level of fraud protection.”

PRO-TECH’s approval process can occur before a debit posts, allowing clients to return unauthorized ACH debits immediately, the companies said in a statement. The solution also enables the bank’s clients to automatically populate an approved list of trusted trading partners for future transactions, eliminating the need for labor-intensive debit filters.

Deborah Peace, chief executive officer of ACH Alert, said:

Venture Bank is an excellent example of how forward-thinking financial institutions can leverage advanced technology to protect accountholders in a way that also benefits the institution. PRO-TECH’s flexibility and intuitive design empowers clients with greater control of their account, resulting in decreased risk of fraud without added operational expenses for the bank.”

Just last month, ACH Alert achieved record growth numbers, with a more than 350 percent increase in net income in a year’s time.

That increase also came with a client increase of 16 percent in 2015, which helped its income jump 18 percent and its recurring revenues jump by 29 percent in the same time period. The company attributes its success to its abilities to tackle the challenges the payments industry faces today, which is increasingly tested by cybercriminals who are flooding to the payments market with fraud.


Featured PYMNTS Study: 

With eyes on lowering costs to improving cash flow, 85 percent of U.S. firms plan to make real-time payments integral to their operations within three years. However, some firms still feel technical barriers stand in the way. In the January 2020 Making Real-Time Payments A Reality Study, PYMNTS surveyed more than 500 financial executives to examine what it will take to channel RTP interest into real-world adoption. Here’s what we learned.

Click to comment