Case Study: Large Financial Institutions Reduce ATO and Fraud Losses with Memcyco

Large Financial Institutions - Customer Case Study

Three large financial institutions, a major international bank, a top EMEA credit card issuer, and a top-10 North American bank, faced severe account-takeover (ATO) challenges including credential harvesting, credit card fraud, and credential stuffing attacks. These threats were causing significant financial losses and damaging customer trust. They turned to Memcyco for its Customer ATO and Fraud Protection solution to address these persistent security issues.

Memcyco implemented its solution, which provided real-time detection of website impersonation and instant alerts to users attempting to access fake sites. The deployment, requiring minimal integration effort, delivered immediate results. The financial institutions achieved substantial savings, including an international bank saving approximately $10 million per year and the EMEA credit card issuer saving around €14.4 million annually by drastically reducing successful ATO incidents and associated refund costs.