Burlington, MA. — July 26, 2011 – Memento Inc., a leader in Enterprise Fraud Management solutions, today announced that their award winning Enterprise Platform helps financial institutions meet the layered security guidelines as issued in the June 2011 supplement to the FFIEC’s 2005 Authentication in an Internet Banking Environment.

In the supplement, the FFIEC made a strong case for the utilization of multiple controls and technologies, “Since virtually every authentication technique can be compromised, financial institutions should not rely solely on any single control for authorizing high risk transactions, but rather institute a system of layered security”. The call for improved defenses is appropriate with account takeover and the resulting ACH and wire fraud threatening both commercial and consumer accounts across the country.

“Memento applauds the FFIEC for issuing a meaningful supplement to the 2005 Guidance,” said John O’Malley, CEO of Memento. “Unfortunately in today’s environment of sophisticated malware, targeted phishing attacks and large data breaches, a customer’s identity and credentials are often compromised. Financial institutions must respond with layered defenses to this increasing threat.”

Proliferation of Account Access
The need for a layered security approach is recognition that customers today use a variety of means to access banking products and services, including the online channel, mobile devices, call centers, ATMs and branches. These delivery channels are used to service accounts and initiate transactions, with the funds eventually being released through payment systems. Securing the various channels has proven to be a difficult task, compounded by the fact that financial institutions often lack control over the devices customers use to access banking applications.

Monitoring Payment Systems
To achieve layered security, financial institutions must combine endpoint security with transaction monitoring across all transfer mechanisms used to move funds into and from a deposit account. Each account and customer has a unique behavior profile that if analyzed intelligently can be used to identify suspicious, risky and fraudulent activity. Used in conjunction with controls to properly authenticate users, customer and account level transaction monitoring is one of the most effective, secure fraud prevention approaches available.

“Memento is passionate about providing the best fraud prevention solutions to financial institutions and their account holders,” said John O’Malley. “Memento customers that have prioritized layered security are already achieving the benefits of a cross-channel fraud prevention solution. We look forward to helping more institutions respond to the FFIEC guidance and improve the security of commercial and consumer accounts”.

Get Ready For the FFIEC Guidance
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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. The Memento Enterprise Platform, the company’s award-winning software, protects deposit accounts from wide-ranging, costly threats and enables key stakeholders to measure the true value of loss prevention investments. Trusted by many of the world’s largest and most influential financial institutions, regional banks, and credit unions, Memento offers exceptional accuracy, rapid ROI, and unmatched business value. Please visit www.mementosecurity.com for more information.