Case Study: BMTX identifies 500+ fraudulent accounts with DefenseStorm

BMTX - Customer Case Study

BMTX, a top digital banking and Banking-as-a-Service provider for over two million accounts, faced a significant challenge when cybercriminals targeted its platforms. Using stolen and fake student identities, criminals opened fraudulent accounts that went undetected by existing processes, leading to financial losses. To combat this, BMTX turned to DefenseStorm for its fraud detection solution.

By implementing DefenseStorm's platform, BMTX identified over 500 fraudulent accounts in less than six months. The solution also surfaced new threat vectors, such as malicious IP addresses and browsers. DefenseStorm provided immediate value by detecting fraud even before the security integration was fully complete, earning praise from BMTX's information security team for its proactive capabilities.

BMTX

Marilyn McMunn

Vice President of Information Security