HIGH POINT, NC, August 18, 2022 – Advanced Fraud Solutions (AFS), a leader in payments fraud detection software, today announced the successful adoption of its ACH fraud prevention tool, TrueACH with Account Validation, after a year in the market. TrueACH with Account Validation helps banks and credit unions secure their ACH transactions by enabling them to confirm account status and authorized user(s).
Since launching a year ago, in August 2021, AFS has completed nearly 20 bank and credit union installations of TrueACH with Account Validation. In the first half of 2022, these installations have stopped or flagged over $21MM in potentially fraudulent ACH transactions, with an average transaction size of $2,330 stopped or flagged for further investigation
Our goal in launching TrueACH with Account Validation was primarily to help financial institutions comply with Nacha standards and to mitigate payments risk. What we didn’t expect was to see the fairly immediate dollar impact of fraud prevention measures that would have otherwise gone unnoticed.Lawrence Reaves, CEO, Advanced Fraud Solutions
The Immediate Impact of ACH Fraud Prevention
“We’re seeing a definite shift towards digital payments by financial institutions, consumers as well as fraud operators,” said Lawrence Reaves, CEO at AFS. “Our goal in launching TrueACH with Account Validation was primarily to help financial institutions comply with Nacha standards and to mitigate payments risk. What we didn’t expect was to see the fairly immediate dollar impact of fraud prevention measures that would have otherwise gone unnoticed. Thankfully, TrueACH with Account Validation is now being used by financial institutions every day to better understand payments risk, with great results.”
Today’s news follows the ACH Network’s Q2 2022 results in which it said to have moved 7.5BB in total payments. Same Day ACH transaction value is up 94.4% (from $250BB in 2021 to $486BB in 2022). Volume is up 24.4% (from 148.7M in 2021 to 185M in 2022). What’s more, Q2 2022 also represents the first quarter in which the Same Day ACH dollar limit moved to $1M per transaction.
AFS is a Nacha Preferred Partner for Account Validation; a select group of innovators that Nacha recognizes for offering products and services that align with Nacha’s core strategies to advance the ACH Network in the Account Validation category.
To learn more about TrueACH with Account Validation, click here.
About Advanced Fraud Solutions
Advanced Fraud Solutions was founded in 2007 with the simple mission to help financial institutions prevent fraud in real-time. We utilize our comprehensive private cloud-based software solutions at the frontline and in the back office. Every day, our innovative fraud prevention tools help banks and credit unions of all sizes eliminate losses and safeguard their financial assets. We provide the level of protection that today’s customers demand. At Advanced Fraud Solutions, we know the best way to fight fraud is to prevent it. Learn more at Advanced Fraud Solutions.
Read via Triad Business Journal