BURLINGTON, Mass.--(BUSINESS WIRE)--Memento Inc., a leader in enterprise fraud management solutions for financial institutions, today announced that Mountain America Credit Union (MACU) has implemented the Memento Security™ platform to combat deposit account fraud and improve compliance operations.
The MACU Fraud Risk Management team has reduced false positive rates by as much as 90% while increasing fraud detection by using a powerful combination of advanced analytics, cross-channel monitoring, and sophisticated account profiling. The resulting alert accuracy and efficiency gains have greatly improved analyst reaction time, enabling stronger protection of member deposit accounts from a variety of threats including check, card and ATM fraud.
“One of the most exciting benefits of Memento Security is its adaptability to ever-changing fraud trends. My team and I constantly develop new ideas for scenarios, based both on fraud that we have seen and the potential for fraud exposure in different areas. We use this information to create our own scenarios that identify suspicious and fraudulent transactions committed by and against our membership,” said Rob Woellhaf, Fraud Risk Manager at MACU.
By partnering with Memento, Mountain America has cut fraud losses in many areas and cites particular success reducing ATM and card fraud. Using Memento Security, MACU developed a rapid ATM transaction monitoring process that detects geographical, transactional, and situational anomalies of member card activity. Intraday feeds deliver near real-time transactional and reference data to the Memento enterprise fraud management platform. Alerts on suspicious activity is generated and quickly distributed to the fraud team. This efficient and accurate solution enables the MACU analysts to verify transactions within critical windows of opportunity to prevent losses.
“Memento is proud to partner with Mountain America Credit Union to defend the deposit accounts of its members from insidious, dynamic and costly fraud threats,” said BC Krishna, Memento founder and CEO. “The MACU team has already embraced the ability to develop and fine-tune its fraud defenses using Memento Security. We look forward to a long and rewarding partnership between our organizations.”
About Mountain America Credit Union
Mountain America Credit Union has 65 branches in four states and offers a variety of financial products and services for consumers and businesses. With roots dating back to the 1930s, Mountain America Credit Union is a tradition for many members. Today the credit union serves more than 341,000 members and has $2.8 billion in assets. Mountain America Credit Union has been honored four times as one of “Utah’s Best Companies to Work For” by Utah Business magazine. Visit www.macu.com for more information.
Memento, Inc. (www.mementosecurity.com) is a recognized leader in enterprise fraud management. Memento Security – the company's award-winning solution – is an innovative platform for monitoring, detecting, and investigating fraud and inappropriate activities by a wide range of fraudsters, from trusted insiders to criminal outsiders. Used by the world's largest and most influential financial institutions and healthcare organizations, Memento solutions are business-focused, easy to use, and quick to implement. By detecting inappropriate activities early and precisely, Memento gives enterprises the information they need to prevent loss, protect revenue, and mitigate risk.