An Unsolved Billion Dollar Problem
Despite years of investment and resources dedicated to check fraud, it continues to be a leading loss category for financial institutions. In fact, even with declining check volume, industry losses are higher than ever – over $1 billion per year. Check fraud perpetrators are increasingly professional and capable of launching cross-channel, technologically advanced attacks that bypass outdated system defenses. It’s time to rethink the approach to solving check fraud.
A Fundamentally New Approach
Memento Check Fraud combines leading edge analytics and an innovative, analyst-friendly interface to protect susceptible customers and your institution from On-Us fraud, including:
Counterfeits
Spot duplicate serial numbers and anomalous check activity with transaction monitoring.
Forgeries
Stop forged checks with accurate account level profiling and check image viewing.
Alterations
Zero in on dollar amount, serial number and other variances with sophisticated analytics.
Memento Check Fraud is the first application of its kind to combine predictive mathematical models, 21st century technology and a radically innovative interface designed from the ground up to fight check fraud.
Key Features of Memento Check Fraud Include:
Next Generation Analytics
Bayesian statistical models accurately detect check fraud while simultaneously reducing false positives.
Revolutionary Alert Management
Work quickly and accurately with the only application designed to present analysts with all necessary information on a single screen.
Account Specific Profiling
Create risk profiles at the account and customer level to evaluate check and deposit activity in relation to past history.
Cross Channel, Context Rich Detection
Monitor account activity across multiple transaction types, including point-of-sale, ATMs, branches and other channels to detect check fraud.
Institution Specific Fraud Monitoring
Remain confident in check fraud defenses and avoid costly rule changes with analytics that automatically adjust to meet prevention demands specific to your institution.
Integrated Check Images
View the front and back of alerted and comparable checks, all within the same application.