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Rapid Response to Data Breaches: A Case Study on Banking Institution's Use of IoT
Technology Category
- Analytics & Modeling - Robotic Process Automation (RPA)
- Infrastructure as a Service (IaaS) - Backup & Recovery
Applicable Industries
- Finance & Insurance
Applicable Functions
- Human Resources
- Maintenance
Use Cases
- Leasing Finance Automation
- Material Handling Automation
The Challenge
In 2013, the Target Corporation experienced one of the largest credit card breaches in history, with hackers stealing nearly 70 million credit and debit card numbers. This breach had a significant impact on small and mid-sized card issuers, who were faced with the daunting task of manually changing card holder limits, noting accounts, and then cancelling and reissuing cards. A Massachusetts-based community bank with $500 million in assets found that approximately 10% of their card holder base (900 cards) was potentially affected by the breach. The traditional recovery process from such a breach involves manually sending a letter and e-mail to affected customers, manually lowering transaction limits, manually updating account information, and then manually cancelling and reissuing cards. This process is time-consuming, labor-intensive, and prone to human error.
About The Customer
The customer in this case study is a Massachusetts-based community bank with $500 million in assets. The bank was significantly affected by the 2013 Target Corporation credit card breach, with approximately 10% of their card holder base (900 cards) potentially compromised. The bank was faced with the daunting task of manually changing card holder limits, noting accounts, and then cancelling and reissuing cards. However, as a customer of Nintex Foxtrot RPA, the bank was able to utilize this data automation software to automate the entire recovery process, saving significant time and money, and ensuring 100 percent accuracy.
The Solution
The bank, already a customer of Nintex Foxtrot RPA, utilized this data automation software to automate the process of cancelling and reissuing compromised cards, quickly and accurately, to minimize customer downtime. Nintex Foxtrot RPA works like an automated employee to perform any unstructured manual task, like data entry or maintenance, automatically and with total accuracy. The bank identified any accounts that were both active and potentially affected by the Target breach using their data warehouse. Nintex Foxtrot RPA then pulled those customers’ names, addresses, and other information and populated a form letter and e-mail notifying customers of the compromise. It then automatically performed file maintenance, changing user codes and adding notes to each affected account. The bank then began the process of adjusting debit limits and updating user codes for each of the roughly 900 cards believed to have been compromised. All of this was completed in a couple of hours.
Operational Impact
Quantitative Benefit
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