(Concord, Massachusetts, USA) - Fair Isaac Corporation (NYSE:FIC), the leading provider of analytics and decision management technology, and Memento, Inc., a leader in fraud and compliance solutions for banks and credit unions, today announced a strategic partnership to help financial institutions fight internal fraud. Under the agreement Fair Isaac will offer Memento Security, Memento's award-winning fraud management platform, to financial services companies worldwide.
Bringing Memento Security into Fair Isaac's fraud portfolio, which today includes protection for more than one and a half billion payment cards worldwide, provides Fair Isaac's clients a new breadth and scope of protection against the escalating problem of internal fraud.
"Increasingly, fraudulent activity is being found to originate inside the company, posing a dual threat to a financial services firm's balance sheet and its reputation," said Doug Clare, Vice President, Fraud Product Management, at Fair Isaac. "By joining forces with Memento, we're now able to offer an unparalleled protection against this insidious problem."
Pressure is mounting on financial institutions to address this problem, in part because of looming Basel II deadlines and their focus on operational risk - in other words, fraud.
"There is high risk of public embarrassment and disclosure cost due to data loss through security breaches," said Aaron McPherson, Practice Director, Payments and Security, Financial Insights, an IDC company. "Mitigating the risk requires centralized enforcement and audit, therefore financial institutions must utilize everything in their midst to prevent and detect all types of fraud, whether internal or external."
"Historically, financial institutions have had challenges trying to identify internal fraud proactively, in addition to conducting investigations after a whistleblower complaint, tip, or coincidental discovery," said BC Krishna, CEO of Memento, Inc. "In forging this partnership with Fair Isaac, we can help financial institutions monitor, detect, investigate and prevent internal fraud in ways that haven't been possible before now."
"We are witnessing a market convergence where cross-channel fraud is becoming increasingly common and approaches to internal fraud are becoming bolder and more sophisticated," said George Tubin, Research Director at TowerGroup. "As a result, banks and other financial institutions recognize they must make smarter decisions at the enterprise level in order to fight fraud effectively."
About Fair Isaac
Fair Isaac Corporation (NYSE:FIC) transforms business by making every decision count. Fair Isaac's Decision Management solutions combine trusted advice, world-class analytics and innovative applications to give organizations the power to automate, improve and connect decisions across their business. Clients in 80 countries work with Fair Isaac to increase customer loyalty and profitability, cut fraud losses, manage credit risk, meet regulatory and competitive demands, and rapidly build market share. Fair Isaac also helps millions of individuals manage their credit health through the www.myFICO.com website.
Memento, Inc. (www.mementosecurity.com) is a recognized leader in delivering proactive risk, fraud, and compliance solutions. Memento Security 4.0-the company's award-winning solution-is an innovative platform for monitoring, detecting, and investigating fraud and inappropriate activities by a wide range of fraudsters, from trusted insiders to criminal outsiders. Used by the world's largest and most influential financial institutions, Memento's patent-pending technology is business focused, easy to use, and quick to implement. By detecting inappropriate activities early and precisely, Memento gives enterprises the information they need to mitigate risk, protect revenue and prevent loss. Based in Concord, Mass., Memento has offices in Washington DC, New York, Los Angeles, Milan, and London.
Fair Isaac Statement Concerning Forward-Looking Information
Except for historical information contained herein, the statements contained in this press release that relate to Fair Isaac or its business are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including any unforeseen technical difficulties related to the implementation, use and functionality of the offering, the risks that customers will not perceive material benefits from the offering, failure of the product to deliver the expected results, the possibility of errors or defects in the offering, regulatory changes applicable to the use of consumer credit and other data, and other risks described from time to time in Fair Isaac's SEC reports, including its Annual Report on Form 10-K for the year ended September 30, 2007, and its quarterly report on Form 10-Q for the period ended March 31, 2008. Forward-looking statements should be considered with caution. If any of these risks or uncertainties materializes or any of these assumptions proves incorrect, Fair Isaac's results could differ materially from Fair Isaac's expectations in these statements. Fair Isaac disclaims any intent or obligation to update these forward-looking statements.
Fair Isaac is a registered trademark of Fair Isaac Corporation in the United States and/or in other countries. Other product and company names herein may be the trademarks of their respective owners.
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