This month we are highlighting ACH Alert, a Tennessee-based fraud solutions company focused on electronic payments in the banking industry. In their press release from last week, ACH Alert is presenting a new whitepaper focused on actionable fraud solutions for treasury management. Click here to view the press release.
Many articles by IT professionals on the topics of enhanced security and fraud prevention tend to highlight administrative consequences from an IT perspective, such as the increased cost and IT resources required to manage additional systems, added complexity to the business process, end user aversion to change, etc. In our opinion, this is a mistake.
Yes, it is true that with enhanced security there are added costs and complexities, and the potential for end user push-back. However, these are facts in today’s world and now a regular cost of doing business. Enhanced security is the same thing as carrying an insurance policy – you hate to pay the premiums, but ultimately you are very thankful for them when negative events occur.
ACH Alert is rightly pointing out that proper automation of multiple security “best practices” can enhance the reputation of a business, and actually improve profitability. It’s not about the cost of implementing enhanced security anymore – it’s the cost of NOT implementing enhanced security that should worry institutions.
As VBG interacts with our clients and partners, we are hearing these same messages over and over again. Increased security via automated authentication, and fraud detection and prevention systems, can improve customer retention and loyalty, attract new clients, and improve long-term profitability.
Peter is an avid reader, particularly of high-tech topics. These articles express his opinion only, but he hopes you enjoy them!
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