Memento's New Check Fraud Prevention Solution Aims to Reduce Analyst and Investigator Workloads

Memento Security"Check Fraud, a new check fraud prevention solution, has been introduced by Memento, Inc. (Burlington, Mass.). The solution enables banks to save financial and human resources by combining increased fraud detection efficiency with fast, accurate decision-making abilities, according to the vendor. Memento Security"Check Fraud has been developed to decrease analyst and investigator workload and increase fraud team efficiency by producing significantly fewer fraud alerts with no reduction in fraud detection rates. The solution also gives banks the ability to uncover the full scope of the check fraud problem, which can include interconnected accounts, cross-channel activity and collusive crime rings, according to Memento.

Memento Security"Check Fraud is designed to meet the challenges of detecting and stopping all types of check fraud, including on-us fraud, check kiting and deposit fraud. Among its capabilities are the following:

Accuracy: Next-generation analytics find fraud accurately while dramatically reducing the workload of check fraud analysts. All presented checks are risk scored based on full account context, and loss prevention teams are able to set normalized risk score thresholds (based on risk tolerance and size of fraud teams) above which check fraud alerts are queued for disposition.

Cross-channel view of fraud: Instead of only looking at check transactions, Memento Security"Check Fraud spots fraud such as cross-channel and collusive schemes. It scans all channels and related data for the warning signs of fraud and alerts analysts so they can take action. Analysts can then view related alerts for a more accurate assessment of risk and more complete resolution of an alerted item.

Efficiency: All relevant information is brought together in one visual interface, which provides a simpler, better method of integrating diverse data and empowering better, faster, more informed decisions, the vendor says. Contextual information helps build a holistic understanding of a potential fraud situation. Also, the solution supports any forensic research the analyst may want to do—in a single integrated application.

Business user control: An empowering user interface enables loss prevention professionals to adjust detection parameters or create fraud scenarios based on new and emerging patterns.

Katherine Burger is Editorial Director of Bank Systems & Technology and Insurance & Technology, members of UBM TechWeb's InformationWeek Financial Services. She assumed leadership of Bank Systems & Technology in 2003 and of Insurance & Technology in 1991. In addition to ... View Full Bio