Industry Impact Case Study

How Memcyco helped a top card issuer counteract a sharp rise in credit card fraud

The business challenges

The card issuer’s team could only gain partial and late attack visibility, following complaints from customers. Their in-place solution was able to scan for and take down the fake sites responsible but couldn’t protect customers while scams were still live – or tell the issuer which customers were being exposed and impacted.

€ 1.2M p/m in remediation costs:

Late (and partial) attack visibility

The bank learned about attacks only when customers actively decided to complain – or shamed the bank on social media.

Loss of Digital Trust, and related churn

Once defrauded, even reimbursed customers were closing accounts, fearful of repeat incidents.

Incalculable damage to brand equity

Some impacted customers were sharing negative experiences online, discouraging others from doing business with the bank.

Post-takedown fraud risk

Despite offending websites being taken down, the threat persisted – of further, related attacks launched from other domains, or through using stolen card details sold to other bad actors on the darknet.

About the client

Why they approached Memcyco

The client needed a quick and proactive way to eliminate a rise in phishing-related scams responsible for harvesting customer cards details using highly accomplished digital impersonation techniques.

MEMCYCO’S APPROACH

Real-time Digital Risk Protection from Credit Card Fraud

After a quick and simple installation of Memcyco’s real-time AI-based technology, the issuer’s teams could instantly detect and counter digital impersonation and credit card harvesting attacks in ways previously not possible.

DETECTION

PROTECTION

RESPONSE

Business Impact

Once Memcyco’s agentless solution was quickly installed, the client’s team could instantly detect the malicious sites as the fake URLs were being registered, and as they went live, without the delay and risk of intermittent scanning.

They could also effortlessly protect every customer who clicked a link to an offending site or entered their card data without realizing they were being scammed.