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The holiday season, once marked by bustling malls, has transformed into an online frenzy of clicks and carts. But while shoppers hunt for deals, fraudsters are hunting for profits...
When a multi-billion dollar US bank learned of a large-scale fraud campaign that had evaded detection by their current fraud detection tools, they quickly turned to Transmit Security to rectify the situation — and saved millions in the process.
Bots and automated frameworks have made it easier than ever for fraudsters to quickly launch large-scale campaigns, resulting in a massive increase in fraud that has hit even the most trusted of brands, and this leading financial institution was no different. A top 25 financial holding company with over 100 years in the business, the bank was committed to maintaining its customers’ trust, using three separate fraud detection tools to ensure the security of their customer accounts.
However, the three legacy solutions the bank was using required manual work to build and change decisioning logic that would help them respond to emerging threats — a time-consuming process that was slow to adapt to threats, giving fraudsters time to change their tactics and evade detection.
But with Transmit Security’s Detection and Response services, they gained the ability to detect new attacks in real time with sophisticated machine-learning algorithms that dynamically adapt to changing techniques. This enabled a 98% reduction in new account fraud and detection of 10x as many attacks as their legacy solutions.
“We have never seen a product work so well and adapt so quickly.”
In addition to stopping attacks, the bank was committed to finding a solution that avoided introducing friction or false positives that could prevent their trusted customers from accessing their accounts — making Transmit Security the perfect partner for them. Not only was our Detection and Response service able to achieve significant gains in stopping fraud — it was able to reduce false positives by 90%, resulting in an improved customer experience for their trusted users.
False positives also create additional work for fraud teams to investigate, resulting in countless hours of work to cut through the noise of these inaccurate signals. Detection and Response reduced the need for this labor, cutting operational costs by 80% and giving the team back valuable time.
With a dramatic improvement in fraud detection, the bank was able to consolidate its three legacy vendors into a unified platform that reduced complexity, improved visibility and required less time and effort to manage. While most fraud detection services require lengthy tuning cycles and a long time to value, our Detection and Response service was able to deliver its impressive results in just one month due to its pre-built decisioning logic and best-in-class risk engine.
Explore the full case study to learn about the innovative features that enabled this immediate time to value and saved this leading bank millions in financial losses.
