Burlington, MA. — July 13, 2010 —Memento Inc., a leader in enterprise fraud management solutions for financial institutions, today announced that NBT Bancorp Inc., (NBT) has implemented Memento Security™ as its core platform for combating fraud and financial crime. NBT relies on Memento Security to tackle the critical business issue of fraud, including check fraud, employee fraud, account takeover, AML/BSA compliance, and emerging fraud risks.
“We’re excited that NBT has chosen Memento as their fraud management partner, and we look forward to a long and dynamic collaboration,” says BC Krishna, CEO of Memento. “NBT and our other customers realize that fraud doesn’t have to be a cost of doing business anymore. We help them do more than fight and manage fraud. We help them increase efficiency and drive profitability—all by protecting their organizations, deposit accounts, and customers from preventable losses.”
Powerful proof of Memento Security’s accuracy—and value
NBT selected Memento after creating a financial crimes risk assessment document and conducting an extensive review of leading enterprise fraud management solution providers. NBT executives knew they needed a solution that would reduce fraud expenses and risk by identifying various financial crimes, including insider abuse and check fraud.
During the final selection process, NBT put Memento Security to the test. “During a trial of the Memento platform, we provided data that we knew contained instances of fraud,” says Jim Terry, senior vice president and BSA officer at NBT Bancorp. “Memento quickly delivered reports that identified all the fraud schemes. The results from Memento were phenomenal and met the high expectations they had set with us.” Memento’s Managed Services model allowed NBT to move ahead quickly to address a top business concern —account takeover, an emerging and problematic fraud trend for many financial institutions. And Memento Security will enable NBT to address the costly issue of check fraud, including detecting counterfeit checks and monitoring for wide-ranging fraud schemes.
Rethinking fraud and delivering value—now and far in the future
For NBT and other visionary financial institutions, Memento delivers a powerful combination of next-generation technology and proven analytical techniques—enabling them to rethink and transform fraud detection and management. “With Memento Security, we have created a closed-loop, systematic process to ensure employee compliance with internal processes and procedures,” says Terry. “We can build our own fraud scenarios and evolve the solution to address our fraud priorities. We can rely on Memento for ongoing expertise. And we gain the opportunity to share knowledge and best practices with the broader community of Memento customers. These benefits and more make partnering with Memento a great success for NBT.”
About NBT Bancorp
NBT Bancorp Inc. is a financial holding company headquartered in Norwich, NY, with total assets of $5.5 billion at March 31, 2010. The company primarily operates through NBT Bank, N.A., a full-service community bank with two divisions, and through two financial services companies. NBT Bank, N.A. has 123 locations, including 85 NBT Bank offices in upstate New York, 37 Pennstar Bank offices in northeastern Pennsylvania and one NBT Bank office in Burlington, Vermont. EPIC Advisors, Inc., based in Rochester, NY, is a full-service 401(k) plan recordkeeping firm. Mang Insurance Agency, LLC, based in Norwich, NY, is a full-service insurance agency. More information about NBT and its divisions can be found on the Internet at: www.nbtbancorp.com , www.nbtbank.com , www.pennstarbank.com , www.epic1st.com and www.manginsurance.com.
About Memento
Memento, Inc., a leader in enterprise fraud management, delivers next-generation technology and proven solutions that allow financial institutions to rethink the way they combat and manage fraud. Memento Security, 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 unmatched business value. Visit www.mementosecurity.com for more information.
Contact:
Memento, Inc.
Heidi Ramich, 781-221-3030 x 175
Director of Corporate Marketing