Electronic payments fraud protection solution ACH Alert has received a new patent to strengthen its fraud prevention tools.
The company has been granted the patent by the United States Patent and Trademark Office for various fraud prevention solutions.
These patents are directed at a number of improvements in fraud detection and related banking services, such as enabling financial institutions to specify whether accounts holders are informed before or after a transaction posts to their account.
Normally, institutions block transactions and return them from unknown companies, or post everything and the account holder is expected to detect suspicious activity. With the new service, ACH will provide clients with a fraud detection and prevention tools including the ability to disrupt unauthorised transactions before or after they are posted.
Another new patent is for features which give account holders the power to define their customer notification criteria, and what they receive alerts on.
A patent was also filed for a tool which lets account holders to identify trusted trading partners as transactions arrive, and add them to an approved list without having to contact the institution. This service removes the need of consumers contacting institutions to set up preferences for them.
ACH Alert CEO Deborah Peace said, “The 2018 AFP Payments Fraud Survey revealed that cases of fraud have escalated to a record high, with nearly 80 percent of organizations experiencing fraudulent activity in 2017.
“As instances of fraud increase, financial institutions must recognize the need for more effective security measures to protect account holders from unauthorized activity. The issuance of this patent emphasizes our role in the fight against fraud as we are determined to arm financial institutions with fraud prevention tools that ensure enhanced security, visibility and control for account holders.”
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