Case Study: Italy’s Largest Bank achieves 79% reduction in ATO fraud and $4.1M in account recovery savings with Keyless

Reducing ATO Fraud and Cutting Account Recovery Costs with Italy’s Largest Bank

Italy’s Largest Bank was struggling with costly, manual account recovery and rising account takeover (ATO) fraud because customers relied on call centers and SMS OTPs for authentication. To modernize security without forcing users to re-enroll, the bank partnered with Keyless to deploy privacy-preserving facial biometrics via Keyless’s SDK and Zero-Knowledge Biometrics™ for self-service account recovery and step-up authentication.

Keyless integrated passive enrollment with the bank’s IDV provider and replaced SMS OTPs with on-device, non-stored facial verification, enabling one-glance account recovery and stronger transaction authentication. The deployment cut ATO fraud by 79% (from 4.3% to 0.97%), saved an estimated $2M in fraud attempts and $4.1M in helpdesk and SMS OTP costs in the first year, improved transaction success rates, and ensured GDPR-compliant biometric privacy.