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Guardian Analytics unveils FraudMAP ACH-RDFI platform

Published 13 November 2014

Guardian Analytics, the market leader in behavioral analytics solutions for preventing banking fraud, today announced FraudMAP ACH-RDFI, the company's latest innovation that proactively uncovers suspicious online, mobile and electronic ACH transactions received by a financial institution that debit or credit funds to its customers' accounts.

In combination with Guardian Analytics' original ACH offering, FraudMAP ACH-ODFI, financial institutions have improved insight into and control over all facets of the risks associated with ACH payments and new visibility into ACH-related consumer and business payment activity and trends.

In the last twelve months, hundreds of millions of personal records have been exposed through data breaches, providing criminals with the data they need to electronically remove funds from consumer and business bank accounts, compromise bank and de-coupled debit cards, or use P2P and online bill payments to transfer money out of accounts. A new Javelin Research study found that the number of victims of non-card fraud nearly tripled in 2013. And, in the 2014 AFP Payments Fraud Study, twenty-eight percent of businesses reported experiencing ACH debit fraud.

"Today's environment is unprecedented for financial institutions - the rise in criminal activity, the growth in transaction volumes, and the need to grow trust with their customers have increased the pressure on bank and credit union operations to keep fraudulent transactions from slipping through" said Craig Priess, Guardian Analytics founder and vice president of products. "FraudMAP ACH-RDFI relieves this pressure and puts financial institutions in control over the broad range of transactions coming into their accounts, reducing risk of losses while enhancing customer service and loyalty."

FraudMAP ACH-RDFI uses the company's patented behavioral analytics to analyze ACH receiving files for unusual transaction activity. With FraudMAP ACH-RDFI financial institutions can:

  • proactively prevent fraudulent debits to customer accounts, plus fraudulent P2P, bill pay, cross border payments, and POS transactions originating from customer accounts
  • identify duplicate check numbers and suspicious check number sequences
  • uncover large credits or suspicious activity into potential mule accounts
  • increase visibility into trends in customer payment activity, particularly alternative payments linked to bank accounts

With FraudMAP ACH-RDFI, financial institutions can improve customer service and loyalty by proactively detecting unauthorized debits, enhance compliance with improved suspicious activity monitoring, and streamline operations by minimizing manual reviews.



Source: Company Press Release