Case Study: Top Card Issuer cuts credit card fraud and saves €1.2M per month with Memcyco

How Memcyco helped a top card issuer counteract a sharp rise in credit card fraud

The top card issuer, a major EMEA-based financial institution servicing 30 million credit accounts, was struggling with a significant surge in phishing-related fraud. They approached Memcyco because their existing solutions could only provide late and partial attack visibility, leading to high remediation costs of €1.2 million per month and severe damage to their brand's digital trust due to customer churn and negative publicity.

Memcyco implemented its real-time AI-based digital risk protection solution, which instantly detects fake sites and protects customers with on-screen alerts. This approach allowed the issuer to identify impacted customers immediately and block attackers from using stolen card data. As a result, Memcyco helped the client reduce fraud incidents by over 50%, saving them approximately €1.2 million per month while also decreasing customer churn and strengthening their compliance posture.