Case Study: Premier North American Bank cuts credit card fraud losses with Memcyco

Anti-Fraud Use Case Analysis Bank Credit Card Theft

Premier North American Bank, a premier North American bank, was facing a significant escalation in phishing and smishing attacks aimed at stealing customer credit card information. Their existing cybersecurity measures were focused on post-attack response, relying on customer reports and abnormal behavior analysis, which left them without real-time visibility into fraud. They chose to implement Memcyco's Customer ATO and Fraud Protection solution to address this challenge.

Memcyco's solution provided real-time alerts to users visiting fake sites and used decoy data to deceive attackers. This allowed the bank to identify fraud incidents instantly and cancel compromised cards within an hour of an attack. As a result of implementing Memcyco, the bank drastically reduced its fraud response time from 24 hours to just one hour, detected hundreds of fraud cases in the first month, and realized major operational efficiency gains with a decreased workload for its SOC team and a shrinking customer compensation budget.