ACH Alert’s latest product, Fraud Prevention HQ, receives a 2016 BankNews Innovative Solutions Award
OOLTEWAH, TN (November 1, 2016) — ACH Alert, an award-winning provider of patented, innovative fraud prevention technology for financial institutions of all sizes, received a 2016 BankNews Innovative Solutions Award for its newest product, Fraud Prevention HQ.
As the industry standardizes faster payments through initiatives like same-day ACH and adopts newer technologies, today’s cybercriminals have more opportunities than ever to commit fraud. For this reason, ACH Alert designed Fraud Prevention HQ, the industry’s first complete exception decisioning portal that provides a fully integrated dashboard for bank customers to make their pay or no-pay decisions on suspicious wire transfers, checks and ACH transactions.
Fraud Prevention HQ’s dashboard delivers a real-time summary of all check, wire and ACH activity with suspicious transactions clearly noted. Customers are only called to action when necessary and their responses are authenticated. The level of authentication is determined by the level of risk associated with the transaction. For high-risk transactions, such as wire transfers, voice biometric technology and the use of an interactive voice response system allows bank customers to securely confirm or deny the transaction. With a single sign-on through most online banking systems, customers can access Fraud Protection HQ from a site they already trust and there is no separate URL or set of login credentials to keep up with.
“Payments fraud continues to be a top concern within the industry. In fact, there were 34 attempts at fraud for every 1,000 transactions in Q1 of 2016, according to the Global Fraud Attack Index,” said Deborah Peace, AAP, chief executive officer of ACH Alert. “However, by putting fraud prevention tools at the fingertips of account holders, banks and their customers can proactively thwart fraud using actionable alerts, keeping money where it belongs: in their bank account.”
The ninth annual Innovative Solutions Awards recognize technology companies that help financial institutions enhance their technical capabilities, improve operations and increase overall profitability to remain competitive in today’s market. BankNews recognized four winners in categories ranging from authentication, fraud and cybersecurity to management and processing. The winners of each category, who will be featured in the November issue of BankNews magazine, were selected based on votes cast by readers of BankNews, with this year’s online ballot receiving more than 9,500 votes.
“This year’s recipients represent companies that have introduced or significantly enhanced solutions designed to help community banks become more efficient, expand their capabilities and, ultimately, better serve their customers,” said Bill Poquette, editor-in-chief of BankNews magazine.
About ACH Alert
Founded in 2007, ACH Alert provides patented, innovative fraud detection services to financial institutions ranging from community banks to top tier financial institutions. Relying on more than 25 years of industry experience, ACH Alert assists financial institutions in mitigating the risks associated with electronic payments. ACH Alert is the 2012 recipient of the Kevin O’Brien ACH Quality Award, the highest award for quality in the ACH Network industry. For more information, visit www.achalert.com, or follow them on Twitter @ACHAlert, Facebook, or LinkedIn.
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