ACH / Wire Fraud Prevention

Dire warnings about ACH and Wire fraud are everywhere. The FBI warned that they’ve seen a “significant increase” in ACH fraud, banks are being sued by business customers for alleged failures to prevent fraud via ACH, and successful wire fraud by cyber attack are causing average losses of $100,000 to 200,000 per victim. While banks recognize the need to implement monitoring for fraudulent ACH and wire transactions, the traditional methods of ACH and wire fraud detection are slow to implement and very expensive.

Intellinx provides a unique combination of real-time alerts and cross-channel analytics with easy, comprehensive data capture directly from the corporate network and from other sources. Intellinx ACH and Wire Fraud Monitoring builds a profile of “normal” activity for each customer and account – amounts, payment velocity, preferred channel, payees, transaction types, etc. Unusual transactions are quickly identified and blocked until reviewed by fraud investigators.

Intellinx can be configured with dozens of fraud red flags based on best practices learned from other financial institutions. Just a few examples include:

• Customers that exhibit signs of being attacked by phishing, vishing, malware, fraudulent ACH debits, or social engineering
• Customers that have fallen victim to common fraud scams (e.g., money mules, lottery, Nigerian);
• Risky transactions, such as those initiated via high-risk channels (e.g., phone, web) or those going to risky accounts
• Reports that identify customers who are prime candidates for ACH filters, debit only accounts, or other security features already built in to your payment systems
• Customers with high rates of ACH returns or who show other signs of initiating fraudulent ACH debits
• Customers who are kiting via Wire or ACH
• Employees who are fraudulently manipulating ACH or wire transactions

Intellinx offers your fraud team a massive amount of flexibility in determining how to handle each alert. Thresholds can be raised or lowered to fire an immediate fraud alert or to simply raise the customer’s score to monitor for future risky behavior. Additionally, the user-friendliness of our analytics engine makes it easy for business users with no technical background to refine or add additional rules as needed.