Mountain America Credit Union (MACU) has deployed Memento Security platform from Memento to tackle deposit account fraud and improve compliance operations.
Using Memento Security, MACU developed a 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 distributed to the fraud team.
This solution is expected to enable the MACU analysts to verify transactions within critical windows of opportunity to prevent losses.
According to Memento, the MACU fraud risk management team has reduced false positive rates while increasing fraud detection by using its combination of analytics, cross-channel monitoring, and account profiling. The resulting alert accuracy and efficiency have improved analyst reaction time, enabling stronger protection of member deposit accounts from a variety of threats including check, card and ATM fraud.
Rob Woellhaf, fraud risk manager at MACU, said: “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.”