ACH Alert, an award-winning provider of patented, innovative fraud prevention technology for financial institutions of all sizes, announced it has partnered with Venture Bank, a Minneapolis, Minn.-based bank with $570 million in assets, to provide their customers with real-time fraud protection using its PRO-TECH solution.
Aiming to replace an existing debit filter product, Venture Bank sought a flexible, automated solution that would offer clients more control over their accounts. The bank selected PRO-TECH, ACH Alert’s real-time debit approval process, which triggers an actionable alert when an ACH debit hits the account, enabling the account holder to stop fraudulent entries in real time. Unlike existing products, PRO-TECH’s approval process can occur before a debit posts, allowing clients to return unauthorized ACH debits immediately. In addition, the solution allows the bank’s clients to identify trusted trading partners and automatically populate an approved list for future transactions, eliminating the need to maintain today’s legacy, labor-intensive debit filters.
“With the previous debit filter, detecting unauthorized transactions was a time-consuming process that often required research and manual input of a company’s information to reference for future transactions, but PRO-TECH automates this process and allows users to customize how and when they receive alerts,” said Travis Barkve, senior vice president and chief financial officer of Venture Bank. “By automating the fraud detection and dispute process and enlisting the client, we expect to realize operational efficiencies while our clients experience an enhanced level of fraud protection.”
“Venture Bank is an excellent example of how forward-thinking financial institutions can leverage advanced technology to protect account holders in a way that also benefits the institution,” said Deborah Peace, AAP, chief executive officer of ACH Alert. “PRO-TECH’s flexibility and intuitive design empowers clients with greater control of their account, resulting in decreased risk of fraud without added operational expenses for the bank.”