Memcyco's Digital Risk Protection Case Study

This case study outlines how Memcyco assisted a prominent card issuer in addressing a significant increase in credit card fraud. The client, known for its innovative financial products and servicing 30 million credit accounts, faced severe challenges, including high remediation costs of approximately €1.2 million per month due to 600 monthly fraud incidents. The existing solution provided only late visibility into attacks, primarily through customer complaints. Memcyco's approach involved the installation of a real-time AI-based technology that enabled instant detection and response to digital impersonation and credit card harvesting attacks. Following implementation, the card issuer experienced a reduction in incidents by over 50%, substantial cost savings, and improved customer trust. The solution allowed for immediate identification of impacted customers and provided alerts to prevent further exposure. Overall, Memcyco's intervention significantly enhanced the issuer's fraud response capabilities and brand equity management.