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2024's State of Digital Impersonation Fraud: survey is out now. Get the free report
2024's State of Digital Impersonation Fraud: survey is out now. Get the free report
Industry Impact Case Study
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.
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.
The bank learned about attacks only when customers actively decided to complain – or shamed the bank on social media.
Once defrauded, even reimbursed customers were closing accounts, fearful of repeat incidents.
Some impacted customers were sharing negative experiences online, discouraging others from doing business with the bank.
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.
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
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.
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.
card fraud incidents annually
in remediation costs per case
per month in refunds and incident handling
€14.4 million p/a
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