August 14, 2012

Guardian Analytics, a fraud prevention services provider, introduced a new fraud detection solution called FraudMAP ACH. Similar to Guardian Analytics' online and mobile fraud detection solutions, FraudMAP ACH examines ACH transactions for anomalies that may indicate fraud and flags them for further review, the company said in a statement.

The FraudMAP ACH solution is the first to analyze behavior for fraud prevention for ACH transactions. The solution identifies high risk transactions and batches from large ACH files, eliminating the need to manually comb through reports looking for anything out of the ordinary. The solution, Guardian Analytics said, helps payment staff focus on the most suspicious transactions by alerting them to the most unusual activity and providing them with details about clients' payment history.

Guardian Analytics pointed to a list of best business practices for securing ACH transactions recently released by NACHA, an electronic payments association, that emphasized evaluating anomalous transactions as part of securing electronic payments. The best practices were designed to help financial institutions implement FFIEC guidelines for processing electronic payments.

"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," Craig Priess, vice president of Products and Business Development at Guardian Analytics, said in the statement. "FraudMAP ACH fundamentally changes both the manner in which and how successfully a financial institution manages ACH payments risk."

ABOUT THE AUTHOR
Jonathan Camhi is a graduate of the City University of New York's Graduate School of Journalism, where he focused on international reporting and interned at the Hindustan Times in Delhi, ...