Unit21 Brings New ACH Fraud Prevention Measures to FIs, Payments Companies and Fintechs Using AI
August 19 2024 - 8:00AM
Business Wire
New tools proactively block unauthorized
transactions and streamline investigations
Unit21, a global risk and compliance leader that proactively
mitigates risks tied to fraud, money laundering, and other
financial crimes, today announced a new bundle of features for
Automated Clearing House (ACH) transactions. These features use
Generative AI (GenAI) and machine learning (ML) to help banks,
credit unions, payments companies, and fintechs proactively detect
and block risky transactions.
According to the National Automated Clearinghouse Association
(Nacha), same-day ACH volume saw a 47% year-over-year growth when
comparing the first quarters of 2023 and 2024, due to factors such
as the continual increase in real-time payments usage among
consumers and businesses.
“With the steady rise in real-time payments among consumers, ACH
fraud will continue to be a significant threat to the U.S.
financial ecosystem, challenging FIs and fintechs to figure out how
to stop bad actors from gaining access to their networks,” said
Trisha Kothari, CEO and co-founder at Unit21. “Our new ACH fraud
solution uses GenAI and machine learning to bring real-time risk
monitoring and investigating tools to fraud practitioners,
empowering them to mitigate risk while further gaining their
customers’ trust and loyalty along the way.”
Unit21’s new ACH fraud solution proactively stops risky ACH
transactions such as first-party fraud, account takeovers and scams
by predicting fraudulent activity using four key features:
- ACH Risk Scoring - Unit21 deploys an ML model for FIs
and fintechs that can flag R10s. It leverages behavioral analysis,
network data, entity, transaction history, and IP enrichment that
is unique to each business to reduce risk and return rates
significantly.
- “Out of the Box” Rules - Unit21 helps prevent ACH fraud
with pre-built rules that reduce false positives and save time,
while allowing the flexibility to filter and add conditions based
on a business’ data, even on the fly with no code.
- Counterparty Risk - With Unit21’s Fraud Consortium, FIs
and fintechs can proactively identify account/routing numbers and
fuzzy name matching schemes previously flagged as fraudulent
anywhere in the Unit21 network, stopping fraudsters in their
tracks.
- GenAI Agent for ACH Fraud Investigations - Unit21’s
GenAI Agent can quickly flag and investigate suspicious activity
and streamline case management tasks including online presence,
adverse media searches and document analysis. With Unit21’s AI
Agent, investigation time can be reduced by more than 60%.
Kothari added, “As faster payments are adopted across fintechs
and FIs, they will need a faster and better way to stay ahead.
Unit21’s ACH fraud solution stops suspicious activity in its tracks
and flags illicit behavior before it ever has a chance to become an
issue.”
About Unit21
Unit21 is on a mission to unite the world’s fraud fighters and
AML heroes to see the financial ecosystem restored to the pathway
of opportunity it was meant to be. We specialize in solutions that
don’t just identify but proactively mitigate risks tied to money
laundering, fraud, and other illicit activities. Uniquely
positioned to solve the problem of financial crime and well-funded,
we have raised close to $100 million from Google, Tiger Global, and
other leading VCs. Follow us on LinkedIn and visit Unit21.ai to
learn more.
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version on businesswire.com: https://www.businesswire.com/news/home/20240819375835/en/
Cassie Pallesen Unit21 cassie.pallesen@unit21.ai
Dana Stone Unit21 dana.stone@unit21.ai