Top 100 Bank relies on Mimecast to foil advanced phishing attacks
- Mimecast Brand Exploit Protect
- The banks customers were being targeted by advanced phishing attacks
- Customers were being led to websites imitating the bank and tricked into sending money to fraudsters
- The banks reputation and customer trust were being eroded
- The bank was able to detect phishing attacks at nearly stage, often before they even became active
- Rapid takedown, often in minutes, meant any malicious, lookalike sites were removed from the internet before customers could fall for the scam
At A Glance
- Top 100 banking organization
- Over 40,000 employees
- More than $300bn total assets
This customer is a top 100 multi-channel bank and one of the most respected financial institutions in Europe.
Among the bank’s services are debt capital, domestic cash equity, corporate banking, private banking, leasing, factoring, reinsurance, private equity, and project and trade finance.
Continuous Phishing Scams Were Targeting The Bank’s Customers, Jeopardizing Its Reputation And Customer Trust
The bank was facing a constant barrage of phishing attacks. Their team were recording over 1,000 malicious activities each month targeting customers and their financial assets. These attacks were damaging the bank’s reputation and customer trust.
While the bank had deployed anti-fraud and other cybersecurity tools, they were ineffective at detecting advanced phishing scams targeting customers and other third parties, especially trying to identify them before they caused damage. When discovered, it took the bank days and sometimes weeks to take the fraudulent sites down. During that time, customers fell victim to these scams, many losing valuable assets.
Pre-emptive phishing detection and rapid takedown
Early detection of phishing attacks was critical for the bank. Being able to detect and monitor potential attacks before they became active and while still in preparation was the clear way forward. This is where the Mimecast Brand Exploit Protect service was able to make a significant impact in reducing the risk and impact of advanced phishing for the bank.
The Mimecast services’ pre-emptive detection and rapid takedown capabilities meant the bank were able to disarm an attack incredibly fast, often in minutes, before customers were even exposed to the scam.
The Brand Exploit Protect service started proactively monitoring all the banks key domains and online assets, enabling early detection of phishing attacks using their brand as bait. This early detection played a vital role in being able to respond rapidly when something suspicious or an active attack was detected.
The service helped strengthen the efficacy of existing fraud prevention systems by simulating controlled and evolving attack scenarios that provide vital cyber intelligence for the bank’s protective shield strategy.
Rebuilding customer trust and reputation
With Mimecast’s help, the bank was able to regain the trust of their customers. Though cyber-attacks continue to evolve at a rapid pace, customers are no longer exposed to phishing attacks during their online interactions with the bank, which has helped the bank to rebuild and protect its stellar reputation.
Mimecast’s 24/7 web monitoring for phishing activity against the bank has significantly reduced takedown time to between a few minutes, or an hour or two after an attack is detected, at most.