ORLANDO, Fla.--(BUSINESS WIRE)--Today at the 2016 AFP Annual Conference, ACH Alert, an award-winning provider of patented, innovative fraud prevention technology for financial institutions of all sizes, launched www.stopaccountfraud.com, a new website designed to educate businesses and consumers on ACH, wire and check fraud.
Payments fraud is an issue that concerns businesses of all sizes, and as the industry adopts newer technology, there are more opportunities than ever for cybercriminals to successfully commit fraud. Enhanced security measures at the point of sale, such as EMV security, and the fact that business bank accounts typically carry higher balances, mean that fraudsters often find it worthwhile to directly hack business bank accounts by intercepting electronic payments or initiating unauthorized ACH payments and wire transfers.
To combat this, www.stopaccountfraud.com provides visitors with information on the risks associated with electronic payments and offers valuable insight on tactics that cybercriminals frequently use to commit ACH and wire fraud. The website aims to promote the benefits of electronic payments and increase confidence among corporations and small businesses, as well as consumers, in ACH and wire payments. The website also details the regulatory distinctions between consumer and business accounts, as well as the differences in risk and the impact of fraud for businesses versus consumers.
“As attacks by cybercriminals become more sophisticated, it is crucial that businesses better secure their accounts by collaborating with their financial institution in fraud prevention efforts,” said Deborah Peace, AAP, CEO of ACH Alert. “Businesses should understand the efficiencies and benefits of electronic payment networks because existing technology allows them to determine if ACH or wire transactions are valid or not, stopping fraud before it happens.”
Given the various and evolving forms of payments fraud, it is important that businesses understand the threats they are exposed to. The website details these threats and explains how working with financial institutions can help businesses protect their accounts through stronger fraud prevention measures. Several forward-thinking financial institutions across the U.S. have already taken a proactive approach to fraud prevention with ACH Alert’s customer-centric fraud detection solutions, such as Fraud Prevention HQ. As the industry’s first exception decisioning portal, Fraud Prevention HQ provides a fully integrated dashboard for financial institutions’ customers to make their pay or no-pay decisions on suspicious ACH and wire activity, effectively enlisting the account holder in the fraud detection, response and dispute process.
To learn more, visit www.stopaccountfraud.com and visit ACH Alert’s booth #1052 during AFP’s Annual Conference in Orlando, Fla., Oct. 23-26, 2016.
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.
