Securing the Call Center in Financial Institutions
In 2015, a leading U.S. retail bank found that fraud attempts on their call center were at an all time high, and expected to continue growing. With the help of Pindrop, the bank was able to secure their call center, reducing fraud loss, while lowering call center operations costs, improving customer experience, and reducing reputation risk.
Online Brokerage Saves $1.5 Million in Avoided Fraud Losses
Call centers in many industries are forced to deal with social engineering attacks designed to gain access to accounts, money and other assets. Call centers in the U.S. spend over $10 Billion per year authenticating callers. For companies like this top 3 online brokerage, tactics like social engineering, caller ID/ANI spoofing, customer impersonations allow fraudsters to complete fraudulent stock trades as well as wire money to accounts that they control.
Fraudulent Retail Orders in the Phone Channel
Phone fraud is a significant problem for retailers. In 2014, one major consumer electronics retailer estimated that 5% of all orders taken over the phone resulted in a chargeback. For the most popular brand name products, such as Apple, chargeback fraud was as high as 50%. All this translated to an annual phone channel fraud loss of over one million dollars.
Account Takeover Attacks in the Phone Channel
Given the volume and types of transactions that the bank allows its customers to complete via the phone, ensuring that only the account holder gains access to their account is critical. The bank’s existing solutions uncovered 30 to 50% of all fraud related calls. This involved a painstaking process of waiting for a complaint or audit to discover the fraud, and then associating the specific caller using voice recognition or voice biometrics. This process took weeks, sometimes months to complete, during which time the attacker could act with impunity, striking again and again.