These two features–ACH Risk Scores and Action Event Rules–enhance fraud detection and enable faster fund availability for banks, credit unions, and fintechs
Unit21, a company that proactively mitigates risk tied to money laundering, fraud, and other illicit activities, announced the launch of ACH Risk Scores and Action Event Rules . These new features enable financial institutions to combat faster payment fraud and improve customer experience by unlocking near-instant funds for legitimate customers.
In today’s rapidly evolving financial landscape, where ACH transactions can settle the same day, banks, credit unions, and fintechs face the dual challenge of meeting consumer expectations for speed while safeguarding themselves and their customers against fraud. Unit21’s latest offerings, ACH Risk Scores and Action Event Rules, are part of a suite of products designed to help financial institutions combat these challenges.
Here’s how these features enable financial institutions to mitigate unexpected ACH returns and proactively monitor critical non-transactional events and behaviors to identify fraud before it occurs:
ACH Risk Scores enable faster funds availability by providing a machine learning score that allows customers to enable decisions to proactively block accounts that exceed set chargeback thresholds, allowing FIs to unlock near-instant funds for legitimate customers.
Unit21’s technology leverages proprietary data to enhance the precision of predictive scoring algorithms. This allows financial institutions to proactively block accounts exceeding set chargeback thresholds while ensuring compliance with NACHA regulations.
Action Event Rules extend a financial institution’s capacity to monitor and act on non-transactional actions, including login attempts, password changes, address updates, and modification of user or account details.
By creating rules on user-initiated actions, Unit21 helps institutions track fraud signals to stop fraud before it can happen, going beyond transactional data to safeguard both the customer’s interest and financial institutions. This flexible feature lets the Unit21 customer define their own action-based events to support their teams in proactively identifying fraudulent activities before financial transactions occur.
Sandy Asprelli, Patriot Bank’s AVP Fraud Analyst, shares, “Since onboarding, Unit21 has been a valued partner for Patriot Bank. I can’t wait to get my hands on their ACH Risk Scoring rules. The ability to proactively block accounts that exceed set chargeback thresholds will greatly enhance our fraud loss mitigation tools. Additionally, the ability to rapidly unlock funds for legitimate customers is expected to be a game changer, significantly improving our customer experience while reducing bank overhead costs.”
Ian Macallister, Chief Operating Officer of Unit21, expressed his enthusiasm, “With our growing suite of Fraud solutions, we’re excited for these advancements in ACH fraud prevention–and our ongoing ability to help financial institutions provide faster funds while derisking their business. Our new fraud features are designed to enhance our customer’s security and efficiency in fighting ACH fraud at a time when the industry is focused on moving towards faster payments–giving our clients a significant edge against bad actors.”
