A popular assumption in evolutionary psychology is that the human mind comprises specialized cognitive modules for social exchange, including a module that serves to enhance memory for faces of cheaters. In the present study, participants played a trust game with computerized opponents, who either defected or cooperated. In a control condition, no interaction took place. In a surprise memory test, old-new recognition for faces and source memory for the associated cooperative or non-cooperative behavior were assessed. A multinomial model was used to measure old-new discrimination, source memory, and guessing biases separately. Inconsistent with the assumption of a memory mechanism that focuses exclusively on cheating, the present study showed enhanced old-new discrimination and source memory for both cooperators and defectors. Rarity of the behavior strategies within the experiment modulated source memory, but only when the differences in base rates were extreme. The findings can be attributed to a mechanism that focuses on exchange-relevant information and flexibly adapts to take into account the relative significance of this information in the encoding context, which may be more beneficial than focusing exclusively on cheaters. (Contains 1 table and 5 figures.)