FRESNO, Calif. – Educational Employees CU announced yesterday it has selected Memento Security as its enterprise-wide platform to fight fraud and other financial crimes.
The $1.8 billion credit union 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.
During the selection process, the credit union and Memento collaborated on a successful proof of concept using actual transaction and reference data. The two parties said 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.
Memento is based in Burlington, Mass.
