ACH Alert in record growth spurt
Tennessee-based electronic payments fraud prevention firm ACH Alert has doubled its staff in response to record growth. The company partnered with more financial institutions in the past 12 months than in the last four years combined, it reported. Over the same time, ACH Alert has prevented more than $388 million in fraudulent transactions, reports David Penn at Finovate.
“Our extensive product suite, including our enterprise level check positive pay service with full back-end reconcilement and payee positive pay, have helped financial institutions prevent millions of dollars in fraudulent transactions, resulting in ACH Alert’s explosive growth and increased demand for our services,” ACH Alert CEO Deborah Peace says. “As we continue to grow, we plan to use this momentum to protect a greater number of financial institutions and their account holders from payments fraud, as well as the frustration and financial loss associated with it.”
The company, which monitored more than $817 billion in transactions over the past year, partners with financial institutions to provide automated fraud detection and prevention services.
ACH Alert’s technology protects a variety of payment types against fraud including incoming and outgoing ACH, wire transfers, and cheques.
The company’s solutions enable banks and credit unions to send actionable alerts to account holders when suspicious activity is detected, giving account holders the opportunity to stop the transaction before it occurs.
Earlier this year, the company introduced new anti-fraud solutions for real-time payments and ACH credits. Trustmark National Bank, Venture Bank, and Hancock Whitney Bank are among ACH Alert’s customers.