California Credit Union attacks on frauds

BURLINGTON, MASSACHUSETTS: Memento Inc., a player in enterprise fraud management solutions for financial institutions, announced that Educational Employees Credit Union (EECU) has selected Memento Security as its enterprise-wide platform to fight fraud and other financial crimes. After a thorough evaluation process, EECU chose the Memento platform for its advanced analytics, ease of deployment, and ability to detect a wide range of fraud types.

During the selection process, Memento and EECU collaborated on a successful proof of concept using actual transaction and reference data. The press release adds that the evaluation demonstrated Memento’s ability to accurately detect fraud, substantially reduce false positives relative to existing methods, and enable analysts to quickly and efficiently research alerts and disposition potential fraud cases. EECU will use Memento Security to address a broad array of cross-channel fraud challenges including Check Fraud (On-Us, Deposit and Kiting), Case Management, and AML/BSA Compliance.

“We had been searching for an advanced software solution to combat the risk of cross-channel fraud and identify potential money laundering schemes across the enterprise. With Memento, we found a partner capable of meeting those business objectives, and with their flexible data management platform, we envision leveraging our investment in Memento to help manage multiple risks inherent throughout our organization,” said Dick Ashjian, SVP Risk Management. “The proof of concept helped us discover that other processes, such as our plastic card disputes and lending, could also eventually benefit from the flexibility and speed of the Memento solution.”

With over $1.8 billion in assets, EECU is a large financial institution in the Central San Joaquin Valley of California.