This week in phone fraud the IRS reports $5 billion losses to phone fraud, and challenges banks to address the issue. American Banker discussed Pindrop Security’s relationship with Citi Ventures.

On Monday, Kevin Wack of American Banker profiled Citi Ventures, and its support of Pindrop. Authentication technology is a focus area for Citi, and Pindrop’s unique solution has provided new insights into how the company approaches problems.

TIME reported that identity thieves stole $5.2 billion from the IRS in the past year. The fraudsters used a variety of tactics, including a phone scam that mimicked the IRS toll-free number on caller ID.

After a year of investigation, This Is Money’s Simon Lambert published a call-to-action for banks to do more to protect customers from phone fraud.

Full Breakdown of This Week’s Phone Fraud News

Forge Today: Scam Leaves Student £10,000 Down – Sept. 25, 2014

LoveMoney.com: How To Protect Yourself From Phone Scams – Sept. 25, 2014

Orlando Magazine: Ring Cycle – Sept. 25, 2014

This Is Money: Simon Lambert: Banks Must Do More To Stop The Phone Fraudsters Coming After Your Life Savings – Sept. 25, 2014

BT: Massive Increase In Remote Banking Fraud – Sept. 23, 2014

Consumer Reports: 9 Steps To Protect Against Credit Card Fraud – Sept. 23, 2014

Get Reading: Restaurant Owners Warned Over New Phone Scam – Sept. 23, 2014

TIME: How Identity Thieves Stole $5.2 Billion From The IRS – Sept. 23, 2014

American Banker: Citi’s (Silicon) Valley Girls – Sept. 22, 2014

King 5 News: IRS Issues Warning About Phone Scam – Sept. 22, 2014

Times Ledger: U.S. House Of Reps Passes Meng’s Anti-Spoofing Act – Sept. 19, 2014

Flagel Huber Flagel: Protect Yourself Against the Latest Phone Scams – Sept. 17, 2014

The Valdosta Daily Times: Callers altering their IDs isn’t illegal, but doing it to scam is – Sept. 12, 2014

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