Memento and Orbograph Partner to Deliver Enhanced Check Fraud Prevention Solution

BURLINGTON, Mass.--(BUSINESS WIRE)--Memento Inc., a leader in Enterprise Fraud Management solutions, today announced an agreement with Orbograph Ltd. to deliver enhanced check fraud detection solutions to the financial services industry. Orbograph Sereno™ software will provide a broad set of image analysis capabilities to the Memento Check Fraud Solution.

“Check fraud is a billion dollar problem that is not going away any time soon”

Despite a reduction of 4-7% in the number of checks written each year, check fraud remains a persistent problem responsible for billions of dollars of merchant and bank losses and lost productivity in exception processing each year. The 2011 Deposit Account Fraud Survey Report by the American Bankers Association (ABA) reported that more than 7 in 10 banks (73 percent) reported check fraud losses in 2010, with approximately $893 million in total losses. For many banks and credit unions, check fraud continues to be an expensive problem because of the high false positive rates of outdated legacy detection processes and silos of fraud detection functions.

By integrating the Orbograph Sereno™ system, Memento leverages an extensive set of image analysis capabilities, including automated signature verification, check stock validation, Automated Endorsement Analysis™, preauthorized draft detection, two-signature detection, CAR style comparison and amount verification. The combination of Memento’s cross-channel transaction analytics with Sereno’s image analytics provides more accurate detection of counterfeits, forgeries, alterations and other forms of “on-us” check fraud. The result of the integrated solution is improved customer satisfaction via an increase in fraud detection rates and a decrease in the number of alerts requiring review by fraud analysts and investigators.

“We are pleased to be partnering with Memento and incorporated into their suite of products,“ stated Joe Gregory, Vice President of Marketing at Orbograph. “Not only will we be able to provide operational benefits to their customers in the area of fraud management, but incremental cash management services as well.”

Memento’s Check Fraud Solution is a highly accurate analytics-based solution which saves significant financial and human resources by combining increased fraud detection efficiency with fast, accurate alert disposition. It 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’s Check Fraud Solution is part of Memento’s suite of enterprise fraud management solutions.

“Check fraud is a billion dollar problem that is not going away any time soon,” said Mike Braatz, Senior Vice President and General Manager of Banking Solutions at Memento. “Our customers indicate that our cross-channel fraud management approach, now strengthened with image interrogation, addresses a major challenge that exists in controlling on-us and deposit check fraud.”

About Memento

Memento, Inc., a leader in enterprise fraud management, delivers next-generation technology and proven solutions that allow financial institutions to rethink the way they combat and manage cross-channel fraud. The Memento Enterprise Platform, the company’s award-winning software, protects deposit accounts from wide-ranging, costly threats and enables key stakeholders to measure the true value of loss prevention investments. Trusted by many of the world’s largest and most influential financial institutions, regional banks, and credit unions, Memento offers exceptional accuracy, rapid ROI, and unmatched business value. Please visit http://www.mementosecurity.com for more information.

About Orbograph

Orbograph (http://www.orbograph.com), a subsidiary of Orbotech, is a premier provider of recognition-centric services and software for check processing in the financial industry and end-to-end electronic solutions in healthcare revenue cycle management (RCM). Orbograph technologies are in use in over 1,000 financial institutions, service bureaus and billers processing billions of checks and claims annually. Orbograph solutions are utilized by 20 of the top 30 U.S. financial institutions with in-house check processing. In healthcare payments, Orbograph P2Post™ and Orbograph E2Post™ utilize innovative EOB conversion technologies to automate posting of receivables into practice management systems. Orbograph enables clients to envision more for their organization by reducing costs and managing risk while ensuring that achieving more is a reality.