Anti-Fraud Use Case Analysis

Bank Credit Card Theft

Overview

A premier North American bank was grappling with an escalation in phishing and smishing attacks, which aimed to compromise customer credit card information. Such sophisticated cyber-attacks risked substantial financial losses, jeopardising the bank’s reputation. In response, the bank deployed Memcyco’s breakthrough Customer ATO and Fraud Protection solution, delivering real-time detection and proactive defence, substantially mitigating the impact of these cyber threats.

Why did the bank choose Memcyco?

The addition of Memcyco’s breakthrough tech introduced a number of transformative capabilities.

Real-time alerts could auto-warn users

instantly upon trying to visit impersonating sites.

Customer card details were replaced with decoy

data, deceiving attackers, and helping the bank identify attackers attempting to use the decoy data.

Full attack details of card holder ID were shared,

allowing credit card cancellation and reissuance within an hour of attacks.

CLIENT CHALLENGES

  • Before Memcyco

Сybersecurity measures focused on aftermath response, rather than proactive defence.

  • Reliance on customers

For reporting potential fraud incidents, and also on ‘abnormal customer behaviour’ analysis, such as transactions carried out from ‘unusual geographies’.

  • Excess investment

In buying lists of stolen card details, for cross-checking against customer record databases, in efforts to ID compromised accounts.

  • No real-time visibility

Of stolen card data, and so couldn’t offer customers the swift protection they needed.

CLIENT CHALLENGES

  • Before Memcyco

Сybersecurity measures focused on aftermath response, rather than proactive defence.

  • Reliance on customers

For reporting potential fraud incidents, and also on ‘abnormal customer behaviour’ analysis, such as transactions carried out from ‘unusual geographies’.

  • Excess investment

In buying lists of stolen card details, for cross-checking against customer record databases, in efforts to ID compromised accounts.

  • No real-time visibility

Of stolen card data, and so couldn’t offer customers the swift protection they needed.

Cost cutting in key areas

The bank in question experienced a significant decrease in usage of credit card data stolen from its customers and, consequently, shrinking customer compensation budget. Further, the bank realised major operational efficiency gains, with a notable drop in workload and expenses associated with its Security Operations Center (SOC) and anti-fraud operations.

Prior, protection of the bank and its customers had been limited, let alone in real time, lacking immediate visibility of stolen credit card data required for swift detection and response. The difference was immediately apparent, with hundreds of credit card fraud cases detected in real-time within the first month of deployment.

Time-to-response

The bank witnessed a drastic reduction in the time taken to respond to credit card fraud incidents, cutting down from 24 hours to just one hour.

This swift response not only slashed financial losses for both bank and customers; operational costs also witnessed notable decrease.

Fraud incident

RESPONSE TIME

Quick, simple
implementation

SecOps & Fraud

TEAM WORKLOAD

Agentless
Disruptionless

Refunds required

FOR EXPOSED CUSTOMERS

Flexible, open
API-ready platform

The bottom line

By aiding the bank to comply with regulatory obligations – that hold financial institutions accountable for customer losses – Memcyco played, and continues to play, a pivotal role in reinforcing the bank’s brand reputation and customer trust.

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