LEADING BANKING AS A SERVICE (BAAS) PROVIDER

A leading Banking as a Service (BaaS) provider, serving over two million accounts and providing disbursement services to more than 750 college and university campuses, struggled with detecting fraudulent accounts. Ineffective processes resulted in undetected financial fraud and high operational costs associated with fund recovery. The organization required a proactive fraud prevention solution to identify and stop fraudulent activity before losses occurred.

THE CHALLENGE

“DefenseStorm started detecting fraudulent activity before we even completed our security integration, providing a quick win for both our Fraud and InfoSec teams.”

VP of Information Security
Leading Banking as a Service Provider

Banking platforms were targeted by cybercriminals using stolen and counterfeit student identities

Current processes failed to detect fraudulent accounts

Financial losses from fraud

Higher operational costs for recovering funds

THE RESULTS

DEFENSESTORM IMPACT

Identified over 500 fraudulent accounts in less than 6 months

Surfaced additional threat vectors

Exponential growth in detection

OUR SOLUTION

FRAUD PREVENTION

MORE CASE STUDIES

FIRST FINANCIAL BANK – Risk & Governance

First Financial Bank, headquartered in Abilene, Texas, oversees approximately $14 billion in assets and employs over 1,400 staff across 83 offices. First Financial faced multiple challenges, including inefficient incident monitoring and response, disjointed cybersecurity solutions that led to time-consuming processes, and difficulties in navigating multiple systems to retrieve information during incidents. The bank sought a cyber risk management solution to streamline their ability to manage, monitor, and mitigate cyber events.

CNB TEXAS

Citizens National Bank of Texas, headquartered in Waxahachie, manages more than $1.9 billion in assets with a staff of 159 employees. The bank struggled with limited internal cybersecurity expertise, which left it vulnerable to threats. It needed improved detection, monitoring, and reporting capabilities to reduce risks and enhance visibility across its digital environment.

LIVE OAK BANK

Live Oak Bank, headquartered in Wilmington, North Carolina, employs around 1,015 people and manages assets exceeding $13 billion. As the bank expanded into transaction accounts, it required a real-time monitoring system capable of analyzing transaction and digital activity efficiently to prevent fraud and ensure compliance.

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