Industry Impact Case Study

Retail and e-commerce

AT A GLANCE

Major international bank

targeted by ATO attacks

Top EMEA credit card issuer

experiencing CC fraud

North American top-10 bank

hit with credential stuffing attacks

SPOILERS

Memcyco’s Customer ATO and Fraud Protection solution instantly impacted sharp reductions in ATO-related incidents, netting all three clients sizeable savings on customer refunds and incident handling costs, with rapid upticks in CSAT scores, also bolstering cybersecurity frameworks and risk-engine predictive capacity.

Client 1:
20 million

customers

Client 2:
USD 10 billion

revenue

Client 3:
EUR 3 billion

revenue

Client 3:
USD 6 billion

revenue

All four Memcyco customers are public companies with sizable revenues and a large customer base. Losing revenue and alienating customers, all because of website impersonation scams, is definitely something they can’t afford.

The four companies put in place solutions based on scanning the web for lookalike domains and then proceeding to taking them down. However, these solutions left their customers unprotected for long periods of time. Also, the four companies had no visibility as to the timing and magnitude of impersonation attacks.

Additional security measures, like customer education and an MFA policy, didn’t help much. The companies were in dire need of protection and visibility. And so, they came to Memcyco…

Memcyco’s Website Impersonation
Protection Solution

Detect, Protect & Respond to Attempts-in-Progress

When these four retailers approached Memcyco about its flagship Website Impersonation Protection solution, visibility and protection is exactly what Memcyco delivered. In practical terms, that means real-time detection and response to scams emanating from the most sophisticated website impersonation techniques. It took little more than a few line of code to plug financial leaks worth millions.

CUSTOMERS

International supermarket chain

targeted by gift card scams

Global luxury goods provider

battling sites that sell counterfeits

Major Asian manufacturer of CPG

hit by a “spy” performing price scraping for the competition

BOTTOM LINE

Memcyco’s Website Impersonation Protection solution instantly lowered the number of scams, significantly decreasing revenue losses and cutting down expenses on customer refunds and incident handling. In addition, Memcyco’s solution also increased customer satisfaction and helped keep brand reputation untarnished.

The Challenges

Client 1: 20 million
customers

INTERNATIONAL SUPERMARKET CHAIN

Presence across 50 countries, with a vast network of physical branches and a robust e-commerce platform.

Client 2: USD 10 billion
REVENUE

GLOBAL LUXURY GOODS PROVIDER

Known for centuries-long reputation of excellence, with more than a thousand stores worldwide.

Client 3: EUR 3 billion
REVENUE

LARGE EUROPEAN FASHION COMPANY

Boasts a network of branches in all major European cities, as well as a significant internet presence with dozens of highly localized e-commercewebsites

Client 4: USD 6 billion
REVENUE

MAJOR ASIAN MANUFACTURER OF CPG

OOperates 15 high-volume manufacturing plants in Asia and sells to thousands of retailers globally.

THEIR CHALLENGE

GIFT CARD SCAMS

The retailer had been attacked by a number of malicious websites offering fake vouchers, creating a need to reimburse disgruntled customers – and leading to significant expenses related to incident handling.

THEIR CHALLENGE

COUNTERFEIT GOODS SITES

The company had to fight a number of fake websites offering counterfeit luxury goods, leading to erosion in brand equity.

THEIR CHALLENGE

COUNTERFEIT GOODS SITES

The company, which sells low ticket apparel, suffers from hundreds of sites selling fake versions of its clothes, leading to significant revenue losses.

THEIR CHALLENGE

PRICE SCRAPING

Competitors had been targeting the business with price intelligence gathering, causing indirect revenue loss.

Memcyco ROI: Crunching the Numbers

Quantifiable savings covering two of the three FI clients discussed

INTERNATIONAL SUPERMARKET CHAIN

GIFT CARD SCAMS

150,000 fake gift cards purchased / year

~ USD 100 in cost-to-remedy per case (reimbursement + handling)

~ USD 15M in expenses

33% of cases eliminated

~ USD 5 million

saved p / y

LARGE EUROPEAN FASHION COMPANY

COUNTERFEIT GOODS SITES

Memcyco detects 500 fake sites per year, warns customers against buying from them, and takes them down

USD 15,000 estimated revenue loss per fake site per year

~ USD 7.5 million

saved p / y

All thanks to

Real-time website impersonation detection and instant Red Alerts auto-warning users whenever they attempt to access such fake sites. The moment they click the link, both business and customers will be warned.

Full attack forensics
Including attack source and timing, plus which customers fell into the trap. Forensic data also enriches and fine-tunes risk engine predictions.

Seo poisoning protection
Swap real customer credentials intercepted by fraudsters, with marked ‘Decoy Credentials’, trackable whenever fraudsters attempt to use them for ATO.