BAYTOWN, Texas -- Profitability firm John M. Floyd & Associates has acquired fraud detection firm Vigilance Financial Systems, LLC.
JMFA has made its name in the credit union industry with its non-sufficient funds offerings. JMFA said adding Vigilance Financial's fraud detection and protection products gives it a more comprehensive solutions package.
Vigilance's flagship product is FraudSWEEP, a browser-based solution that combines intelligent evaluation and authentication capabilities to protect users from traditional check fraud, and new forms of electronic fraud, JMFA said.
FraudSWEEP will be renamed and marketed as JMFA FRAUD MANAGER. Vigilance Financial's president, Gregg Bennett, will serve as JMFA's product expert and manager for its full product line of fraud detection software.
"We are excited to add a new JMFA product solution to our already well known products and services," said John M. Floyd, chairman and chief executive officer of JMFA. " We now have the tools to offer financial institutions a comprehensive solution that has a proven track record in detecting fraud and limiting losses."
Check fraud alone costs U.S. financial institutions up to $14 billion a year, according to the Federal Reserve.