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New solution addresses ACH fraud
CONCORD, Mass. (2/11/08)--Memento Inc. has introduced Memento Security, which aims to cut down automated clearinghouse (ACH) fraud. Memento Security identifies fraudulent activities including: identity fraud, kiting, reverse phishing, insider fraud and counterfeiting. The ACH network recently expanded to include more participants, which can increase risk. Risks include: increased credit, reputation and transaction; risks from non-recurring transactions and the growth of third-party payment processors that give financial institutions less visibility; new transaction types; and new network participants, the company stated. “The multitude of new payment types coupled with the explosive growth of electronic payments has opened up the ACH channel to numerous risks that [financial institutions] must take control of or they will lose more than just customers and credibility,” said BC Krishna, CEO and founder of Memento. Memento, a provider of risk, fraud and compliance solutions, has offices in the U.S. and overseas.


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