Leading Solutions Provider Will Offer Award-winning Fraud and Compliance Management Software Solutions to Financial Institution Clients Nationwide
SAN ANTONIO, TEXAS — (May 16, 2011) — Harland Clarke Corp. has announced an alliance with Memento Inc. Through the agreement, Harland Clarke will offer to its nearly 11,000 financial institution clients Memento’s enterprise fraud and compliance solutions. Memento’s proprietary software helps banks and credit unions address the top loss areas they face today; these include check fraud, deposit fraud, ACH (Automated Clearing House) fraud, and insider fraud.
The consequences of fraud to banks and credit unions can be substantial, with potential financial losses and decreased credibility with account holders and share holders. According to the American Bankers Association’s 2009 Deposit Account Fraud Study Report, in 2008, financial institutions experienced more than $1 billion in losses due to check, deposit and kiting fraud. Financial services research and consulting firm Celent estimated that in that same year, insider fraud accounted for approximately 60 percent of bank fraud cases where a data breach or theft of funds occurred.1
“Security is a top-of-mind issue in the financial services industry,” said Dan Singleton, Harland Clarke’s president and chief operating officer. “Harland Clarke is addressing this issue by delivering a strong corporate security program that includes our new consumer identity protection solution, as well as additional security offerings like those from Memento. This alliance is just one demonstration of our understanding the needs of our clients.”
Memento was founded in 2003 with the mission to deliver a new category of fraud and compliance solutions to banks and credit unions. The company has grown steadily, attracting a loyal base of customers, including credit unions, community banks and large banks across North America and Europe.
Harland Clarke chose to work with Memento because several factors differentiate the technology company in the marketplace: Memento offers top-rated customer support through a managed service support model, best-in-class enterprise fraud management solutions, and advanced cross-channel fraud analytics that enable financial institutions to find fraud accurately while dramatically reducing false positives. It also provides easy-to-use, web-based forensic research and alert management capabilities, and a flexible data architecture that enables data sources and detection scenarios to change rapidly as fraud evolves.
“Harland Clarke’s goal is to continually help our financial institution clients achieve greater success by addressing their needs. As these needs evolve, so do the solutions we offer,” noted Singleton. “Memento has proven itself in providing the next-generation technology required to effectively combat fraud and compliance issues faced by banks and credit unions. Its solutions are recognized as offering exceptional accuracy, rapid ROI and unmatched business value.”
“Harland Clarke’s reputation for being committed to the success of its clients is highly respected in the financial services industry. This commitment has been tested and proven time and again in more than a century of service,” noted Memento CEO John O’Malley. “Memento is honored to be in alliance with Harland Clarke to deliver our fraud and compliance solutions to an even greater number of banks and credit unions.”
1Jacob Jegher, Abstract of “Internal Fraud: Big Brother Needs New Glasses,” Nov. 2008; Celent’s Corporate Banking and Retail and Business Banking research servicesAbout Harland Clarke Corp.
Harland Clarke Corp. is a leading provider of best-in-class integrated payment solutions, marketing services and security solutions. It serves clients in multiple industries, including financial services, retail, healthcare, insurance, and telecommunications, and ranging in size from major corporate brands and trade groups to micro-businesses and individual consumers. Within its payment solutions business, Harland Clarke provides needed products and services to nearly 11,000 banks, credit unions and major investment firms. Harland Clarke Marketing Services’ portfolio is expansive, with a dozen solutions designed to address the needs of banks and credit unions and their account holders through life cycle management. Harland Clarke delivers integrated marketing campaigns focused on acquisition, onboarding, engagement, retention, and cross-selling, utilizing extensive print, phone and email channels for campaign execution. Headquartered in San Antonio, Texas, Harland Clarke employs nearly 4,300 people nationwide and operates manufacturing and contact center facilities in multiple states and communities. Harland Clarke is an indirect wholly-owned subsidiary of Harland Clarke Holdings Corp., which also owns Harland Financial Solutions and Scantron.
About Memento Inc.
Memento Inc. (www.mementosecurity.com) delivers next-generation technology and proven solutions that allow financial institutions to rethink the way they combat and manage fraud. The Memento Enterprise Fraud Management Platform, the company’s award-winning software platform, protects deposit accounts from wide-ranging, costly threats and enables key stakeholders to measure the true value of loss prevention investments. Trusted by the world’s largest and most influential financial institutions, regional banks and credit unions, Memento offers exceptional accuracy, rapid ROI and superior business value.