Research: why fraud prevention must start before login
Research: why fraud prevention must start before login
targeted by ATO attacks
experiencing CC fraud
hit with credential stuffing attacks
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.
global customers
credit accounts
in North America
The above figures represent part of the burden of responsibility these three distinguished Memcyco clients hold over customers, partners and, of course their own reputations.
When it comes to safeguarding customer assets, even if you get it right 99.99% of the time, it’s the 0.01% that makes headlines people remember you for. As they say, trust takes a long time to gain, but only a split second to lose.
With account-takeover scams (ATO) accelerating to full throttle in recent years, and website impersonation more accessible than ever, that split second of ATO meltdown can come without warning, or the luxury of foresight and visibility.
When these three financial institutions approached us about our flagship Customer ATO and Fraud Protection solution, foresight and visibility is exactly what Memcyco delivered. In practical terms, that means real-time detection and response to ATO scams emanating from the most sophisticated website impersonation techniques. It took little more than a line of code to plug financial leaks worth millions.
targeted by ATO attacks
experiencing CC fraud
hit with credential stuffing attacks
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.
Presence across 50 countries, with a vast network of physical branches and a robust digital banking platform.
Known for innovative financial products, partnering with a plethora of retail and commercial businesses throughout EMEA.
Operating across all U.S. states and Canadian territories. Known for its consumer and commercial banking divisions, with standout presence in digital banking.
The bank had been plagued by a flurry of rogue websites had been impersonating their own, causing runaway customer reimbursement and incident-response expenses.
Customer cards details were being stolen via fake phishing websites, impacting operational efficiency and customer trust in a highly competitive EMEA market.
Unknown to them, the bank had been the target of persistent credential stuffing attacks, with many resulting in successful ATO, equating to dire consequences on cost structure and customer satisfaction indicators.
Quantifiable savings covering two of the three FI clients discussed
18,500 ATO cases / year
Х
~$1,500 cost-to-remedy per case
=
$27,750,000 in refunds and incident handling costs per year
65% of potential ATOs eliminated
~ $17.9 million
saved per year
Memcyco detects 600 credit card incidents / month
Х
€2,000 per case
=
~ €1.2 million saved p/m
~ $14.4 million
saved per year
Real-time website impersonation detection and instant Red Alerts auto-warning users whenever they attempt to access fake sites impersonating yours. The moment they click the link, you’ll know about it, and so will they.
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.
Decoy Credentials
Swap real customer credentials intercepted by fraudsters, with marked ‘Decoy Credentials’, trackable whenever fraudsters attempt to use them for ATO.
