ACH Alert receives new patent to support its fraud prevention toolbox

Wednesday 14 November 2018 00:41 CET | News

ACH Alert, a provider of electronic payments fraud prevention technology for financial institutions, has been granted US Patent for various fraud prevention solutions.

In general, institutions either block transactions and systematically return them back to the unknown companies, or they post everything and the account holder is required to detect any suspicious items by reviewing online banking activity after the transaction is processed. The new patent enables financial institutions to specify if account holders will be notified before or after a transaction posts to their account.

Additionally, the new patent has features that help provide account holders define their own custom notification criteria by account. For example, the account holder can specify who received alerts, how they receive alerts and the conditions that prompt an alert. Most ACH positive pay systems simply alert via email for exceptions or require that the account holder login daily to look for exceptions.

The latest patent also supports account holders to identify trusted trading partners (as transactions arrive) and add them to an approved list without contacting them in advance of the transaction to obtain company identification.

Founded in 2007, ACH Alert assists financial institutions in mitigating the risks associated with electronic payments.

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Keywords: ACH Alert, fraud prevention, banks, credit unions, patent, US, online security
Countries: World