Memento, a provider of enterprise fraud management, has unveiled Memento Security – Check Fraud, a check fraud prevention solution. It enables banks to save financial and human resources by combining increased fraud detection efficiency with fast, accurate decision-making abilities.
Memento said that the new fraud prevention solution decreases analyst and investigator workload and increases fraud team efficiency by producing 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.
Memento Security – Check Fraud is designed from the ground up to meet the challenges of detecting and stopping all types of check fraud, including On-Us Fraud, Check Kiting and Deposit Fraud. Mememto claimed that the check fraud prevention solution directly addresses critical check fraud prevention goals by providing accuracy, cross-channel view of fraud, efficiency and business user control.
Richard De Lotto, principal research analyst at Gartner, said: “Check fraud attempts are growing every year and they further tax a system that is already an incredibly time-intensive and manual process. When ‘state of the art’ systems still leave investigators having to follow up on thousands and thousands of false positives, there is clearly a need for a new kind of system.”
BC Krishna, CEO of Memento, said: “Check fraud is a longstanding problem, costing all types of businesses – not just banks – an estimated $15 billion dollars per year (according to the Association of Finance Professionals). Yet, surprisingly, the problem remains unsolved. With Memento Security – Check Fraud, banks will be able to dramatically reduce the volume of check fraud alerts to review – saving significant time and resources – while improving their ability to identify and thwart real incidents of fraud.”
