Guardian Analytics introduced FraudMAP ACH. Using the same behavior-based anomaly detection technology designed to prevent fraud at banks and credit unions in the online and mobile banking channels, FraudMAP ACH automatically analyzes ACH batches and transactions and prioritizes the highest risk payments for review. This proactive approach increases operational efficiency and reduces the risk of lost profits and clients.
 
"With ACH transaction volumes growing and criminals more eloquently tampering with ACH files, financial institutions are expending significant resources monitoring for fraudulent transactions and in many cases failing," saysCraig Priess, founder and vice president of Products and Business Development at Guardian Analytics. "This is not a sustainable model. FraudMAP ACH fundamentally changes both the manner in which and how successfully a financial institution manages ACH payments risk."

FraudMAP works by:
 
·  Using the company's proprietary analytics, Dynamic Account Modeling, FraudMAP ACH monitors originator and recipient behavior for anomalies relative to typical behavior.
 
·  Automatically identifying high risk batches and individual transactions buried deep within very large ACH files, including payments where only details of single line items have been modified.
 
· Eliminating the need to maintain rules, limits, and negative lists and then manually comb through long exception reports.
 
· Focusing payment staff efforts on the most suspicious batches and transactions by rank ordering alerts and providing rich details on the unusual activity and client's payment history.
 
"The recent FS-ISAC Account Takeover Task Force survey performed by the American Bankers Association shows the instances of corporate account takeovers are significantly increasing year over year," says Bill Nelson, president and CEO of Financial Services Information Sharing and Analysis Center (FS-ISAC). "The study also shows that investing in advanced layers of fraud prevention reduces risk and stems losses from attacks on ACH payments."
 
Guardian Analytics also released an infographic that explains varying manipulations of ACH files and the impact fraud has on financial institutions and their client relationships.
 
FraudMAP ACH is available immediately and is offered as a SaaS solution, which speeds deployment, decreases implementation costs, and eliminates ongoing maintenance costs.
 
 

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