Memento Adds ACH Security

CONCORD, Mass. -- Memento, Inc., a leader in fraud detection and risk mitigation for banks and credit unions, today introduced a solution to address the escalating Automated Clearing House (ACH) fraud problem. Through proactive monitoring and detection, Memento Security, the company’s flagship platform, quickly identifies fraudulent activities that include identity fraud, kiting, reverse phishing, insider fraud and counterfeiting.

The ACH network – traditionally a low-risk network – has recently expanded to include more participants, continuously changing relationships, new types of non-recurring payments and greater risk. Additionally, the number of ACH payments has increased from 3.9 billion in 1996 to nearly 16 billion in 2006 with transaction values almost tripling to $33.7 trillion during the same period.

“With broad changes underway in the payments system, all indications are that the ACH channel will become an increasingly attractive target for fraud,” said Avivah Litan, VP and Distinguished Analyst at Gartner.

Memento Inc.