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
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
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.
[This article was posted on August 21, 2012, on the website of ABA Banking Journal, www.ababj.com.]