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First Data partners with Laru to fight online fraud

BBR Staff Writer Published 11 November 2010

First Data, a provider of electronic commerce and payment processing solutions, has signed a referral agreement with Laru, a developer of ACH risk management, compliance and fraud detection and prevention applications, to fight online fraud.

The long-term, renewable agreement is expected to enhance First Data's business online banking risk management capabilities, making another layer of protection available through Laru's ACH Clarity product.

The ACH Clarity product automates ACH risk management, detects out-of-pattern anomalies, alerts financial institutions to possible problems, and guides operators through research and resolution steps.

A recent ACH rule change, requires financial institutions to perform risk assessments of all their ACH origination traffic. The regulation was introduced to address growing volumes of potentially risky ACH transactions at various stages in the payment cycle.

According to First Data, the built-in reporting tools in the Laru product suite make it easier to comply with this change.

Laru's latest product, ACH Vision, which is designed to quarantine problem ACH transactions and detect ACH fraud, will be introduced in 2011 as part of the ACH fraud-fighting package available to First Data business online banking customers.

First Data senior vice president and general manager of Financial Services Brent Warrington said by adding Laru's ACH risk management and fraud detection products to arsenal, First Data can bring an even higher level of protection to its business online banking customers.