Case Study: Eika Gruppen reduces phishing losses by almost 90% with Featurespace Payment Fraud

Eika Gruppen cuts phishing losses by almost 90% with Featurespace

Eika Gruppen, a strategic alliance of 46 local banks in Norway, faced significant losses from phishing attacks in 2022 and 2023. Their fraud prevention relied on manual checks and email notifications, requiring constant effort to block authentication and recall payments. To combat this, they turned to Featurespace to implement its Payment Fraud solution.

Featurespace worked closely with Eika to deploy its platform in just five weeks. The solution learned normal customer behavior to establish a baseline, enabling it to accurately flag suspicious activity in real time with fewer false positives. After full integration at the end of 2023, Featurespace helped Eika Gruppen reduce its phishing losses by almost 90% in 2024.

Eika Gruppen