Bank of Nova Scotia of Toronto has agreed to use fraud-monitoring software from Memento Inc., Memento announced Monday.
Scotiabank plans to add the Concord, Mass., company's Memento Security to its suite of customer security and privacy tools so its analysts and investigators can monitor, detect, and investigate fraud.
Glenn Brady, a vice president in Scotiabank's shared services unit, said the new software will enhance the bank's fraud-fighting efforts.
"Scotiabank already has very effective policies, procedures and technologies in place to monitor accounts and transactions," Mr. Brady said in Memento's press release. "The bank remains committed to addressing our customers' high expectations for security and privacy, while also complying with the regulatory standards of Canada's financial services industry."
Scotiabank has also announced a major milestone in its effort to convince customers to receive their monthly statements electronically instead of by mail.
The banking company said last week that 1 million customers are viewing their statements and other transaction records online. It began offering the service in 2006.
Customers can see their transaction histories for the past 18 months and download images of checks that have cleared in the past 90 days.
Scotiabank said that eliminating paper statements is good for the environment and that the practice has helped the company reduce its own operating costs.