“Having mastered the ACH risk assessment, measurement and management problem, we have now shifted our focus to control of problem transactions, including on-line fraud scenarios”
Laru offers real time ACH monitoring for ODFIs to solve man-in-the-browser attacks.
ACH Vision will enable ODFIs and non-bank third party senders (TPS) to stop fraudulent and erroneous ACH transactions from entering the ACH network. ODFIs and TPS will be able to define custom rules using ACH Vision’s versatile rule kit or accept out-of-the-box defaults to quarantine potentially problematic transactions, such as fraudulent transactions, restricted SEC codes, irregularly scheduled payments or amounts, duplicate files etc.
By leveraging the knowledge from past transactions and application of Laru’s patent pending business intelligence methodology, ACH Vision will automatically alert the ODFI to possible man-in-the-browser and corporate account take over schemes by comparing all new ACH payments to previously processed transactions.
According to Elliott McEntee, former NACHA CEO and Laru consultant, “man in the browser and corporate computer takeover are some of the biggest problems facing ACH participants.” These problems have resulted in significant losses to banks and their customers and expensive litigation.
The Bancorp Bank of Wilmington, DE is currently testing the beta version of Vision. Bancorp's SVP, Terrence Crowley, said “Laru’s Vision product is the most comprehensive ACH risk management tool that we have seen in the marketplace."
“Having mastered the ACH risk assessment, measurement and management problem, we have now shifted our focus to control of problem transactions, including on-line fraud scenarios,” said Rajiv Donde, President at Laru. “We at Laru believe financial institutions can make better use of limit models and calendaring rules to cap their risk exposure, and have included these capabilities in the product.” ACH Vision combined with ACH Clarity is the complete risk management solution for financial institutions today.
ACH Vision works seamlessly with Laru’s other products, ACH Clarity and ACH FileFox and fits in line with the financial institution’s ACH processing pipeline; hence no complex system integration is required.
About Laru Corporation
Laru Corporation, headquartered in Folsom, CA, develops and provides ACH risk management and compliance applications to companies throughout the U.S. ACH originators and receivers use the company’s products to identify, resolve, and prevent ACH fraud and network violations. Laru’s flagship product, ACH ClarityTM, monitors and manages the risks of originating, receiving and processing ACH transactions, and provides an independent ACH audit platform to meet the requirements of OCC Bulletin 2006-39, while ACH Vision prevents problem transactions from entering the ACH network. For more information, please call (888) 527-8007 or visit the company’s Website at www.larucorp.com.