Memento has come up with a new approach to real-time fraud detection. Reportedly, Memento’s approach extends its fraud management platform by adding low latency and real-time fraud detection to address a range of fraud scenarios, where fraudulent transactions and other inappropriate events are required to be blocked “in flight” to avoid risk and limit loss.
It has been reported that in contrast to older, proprietary approaches, Memento’s Complex Event Processing (CEP) engines are now recognized to deliver results in a broad range of financial services institutions requiring real-time results from trade surveillance to online loan applications. Roy Schulte, an analyst at Gartner, said: “The benefit of Complex Event Processing (CEP) for real-time decision making comes in four different ways: better decision quality, faster response, reduced information glut, and reduced costs.”
Paul Whitelam, vice president of product management for Memento, said: “Enterprise fraud management solutions should include batch and real-time monitoring, as well as real-time transaction blocking. Memento has integrated all of these approaches into a unified, high performance architecture. The result is a highly scalable, cost-effective, fraud management platform that can combat a wide variety of fraud scenarios across the enterprise.”
BC Krishna, CEO of Memento, said: “Financial institutions are looking for future-proof fraud management solutions that can not only solve their near-term needs, but also expand to help them achieve their strategic objectives. Memento is uniquely positioned to meet these requirements by offering an enterprise fraud management platform that combines next generation approaches for both real-time and batch fraud detection.”
Memento provides enterprise fraud management services. The company’s solution, Memento Security, is a platform for monitoring, detecting, and investigating fraud and inappropriate activities by a range of fraudsters, from trusted insiders to criminal outsiders.
