Case Study
Italy’s Largest Bank
Reducing ATO Fraud and Cutting Account Recovery Costs with Italy’s Largest Bank
Case Study
Italy’s Largest Bank
Reducing ATO Fraud and Cutting Account Recovery Costs with Italy’s Largest Bank
The self-service account recovery feature has significantly reduced our call center costs and workload.
Senior Vice PresidentDigital Innovation & Transformation
Overview
Italy's Largest Bank
One of Europe’s largest banks faced rising account recovery costs and increased fraud risks due to outdated authentication methods.
Customers had to recover accounts via a call center, costing millions, and used SMS OTPs to authenticate transactions, leaving them vulnerable to phishing and account takeover fraud.
The bank also wanted an authentication solution that wouldn’t require their existing users to enroll again.
To solve these issues, the bank partnered with Keyless for self-service account recovery using facial biometrics.
4000000$million saved in helpdesk and SMS OTP costs in first year
79%reduction in ATO fraud rates
2000000$estimated savings in fraud attempts
The Challenge
The Solution
The bank deployed Keyless' privacy-preserving biometrics, using an SDK for both payment and account recovery steps.
Since implementing Keyless's technology, we have seen a marked improvement in our transaction success rates.
Senior Vice PresidentDigital Innovation & Transformation
The Results
Self-Service Account Recovery
Users were able to recover their accounts with one glance at the camera, reducing operational costs whilst improving the user experience.
Privacy Compliance
Keyless's Zero-Knowledge Biometrics™ ensured the bank remained compliant with GDPR by not storing any customer biometric data.
Improved Security
Keyless reduced the amount of SMS OTPs sent, protecting against phishing and SIM swapping.
Fewer Failed Transactions
The new process resulted in fewer failed and abandoned transactions, improving customer satisfaction.
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