CASE STUDY

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.

Cyber security risk management solutions from DefenseStorm.

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

01

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

02

Current processes failed to detect fraudulent accounts

03

Financial losses from fraud

04

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

Fraud Prevention - DefenseStorm