When it comes to fraud detection techniques, one size does not fit all. Accuracy in fraud detection is achieved by using detection methods that are best suited to the fraud or risk area. Memento applies a portfolio of business rules and advanced analytics to proactively monitor and detect both known and unknown fraud patterns. Memento's team of mathematicians and analytics experts continually drives fraud discovery through the innovative development and application of mathematical, statistical and machine learning techniques.
Powerful combination of business rules and advanced analytics
Business rules allow our customers to look for the telltale signs that they know to look for—in short, the fraud they already know. This capability draws upon our customers’ own case experience, as well as our deep institutional knowledge of fraud—plus our ever-growing catalog of fraud and compliance scenarios. These scenarios are intuitive and familiar to fraud management professionals. Best of all, they have a low false positive rate, since these scenarios represent precisely the early indicators of fraud and non-compliance that fraud teams want to see. Memento offers GUI-based tool which enables business users—without the help of IT—to create and deploy new scenarios. This results in analytics that evolve to identify the latest schemes of fraudsters, and highly accurate alerts for investigation and disposition.
Memento also helps financial institutions identify potentially fraudulent or noncompliant activities via advanced analytics. These sophisticated analytical techniques look for anomalies and patterns that investigators aren’t aware of yet—the fraud they don’t know. Our solutions employ powerful statistical techniques and algorithms – including Bayesian networks, learning models, behavior profiling, known and discovered peer groups, collusive networking and many others – to examine the behavior of their overall customer and account base, identify outliers, and track potentially threatening and harmful patterns. These alerts provide an opportunity to detect previously unknown patterns of fraud, catching them earlier and reducing their impact. And they help fine tune scenarios for greater accuracy.
Most importantly, Memento’s fraud analytics enable customers to employ business rules and advanced analytics in tandem. Users routinely prosecute cases based on business rules with a low false positive rate. And as soon as they identify a new, previously unknown pattern using advanced analytics, they are alerted to a potential new threat.
With this powerful, multi-faceted approach to fraud analytics, Memento offers a system that gets better, more accurate, and more efficient over time. It creates a closed-loop system that offers significantly more analytic capabilities than traditional approaches—enabling banks to zero in on fraud and reduce time-consuming false positives.