Mountain America Credit Union said it has seen a sharp reduction in false positive rates while picking up more real fraud attempts since it began using a new deposit account fraud and compliance solution.
The $2.8 billion Utah institution has recently deployed the Memento Security platform, which Memento Inc. said uses advanced analytics, cross-channel monitoring and account profiling to improve analyst reaction time and protect against various threats through the checks, cards and ATM channels.
MACU said it used the Memento Security software to create a rapid 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 and alerts are distributed to the CU's antifraud team.
Recommended For You
They also continue to build on the solution, said Rob Woellhaf, fraud risk manager at 345,000-member MACU in West Jordan, Utah.
"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," he said.
Memento is based in Burlington, Mass., and serves banks, credit unions and healthcare organizations.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
