Mountain America Credit Union in Salt Lake City says software from Memento Inc. has helped it reduce fraud.
Mountain America started using the Burlington, Mass., vendor's fraud management software last July to spot suspicious activity on check, card and automated teller machine transactions. It said it has cut its false-positive rate by 90% all around.
Rob Woellhaf, the $2.8 billion-asset credit union's fraud risk manager, praised the system's flexibility. "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," Woellhaf said in a Memento press release Friday.
