By early 2017, Lloyds Banking Group will be the first financial institution in Europe to use the anti-call center fraud technology developed by Pindrop Security.
The banking group will implement the anti-call center fraud technology or Phoneprinting to their Lloyds Bank, Halifax and Bank of Scotland customers.
Since call center fraud is a rising issue nowadays. More banks are pressured to heighten their security and protecting their customer’s valuable information.
“While many people opt to use online banking methods, there is still a requirement for a telephone conversation and this channel cannot be left to become a weakest link.” Mike Haley, deputy CEO at fraud prevention organization Cifas, says.
According to infosecurity-magazine.com, there are over one million incidents of financial fraud in the first half of 2016 in the UK. This is a 53% increase on the same period a year ago according to Financial Fraud Action UK. However, the group didn’t break down how much of this was phone fraud targeted at call centers.
Pindrop Security says that phone-based fraud has risen to up 30% last year. This led to a loss of over $9 million for call centers all over the world.
Phoneprinting analyzes 147 unique characteristics of a call to create a unique audio “fingerprint.” These include as the location where they are calling, number, background noise, call type and more. They then take all of this to compute whether the call is an authentic one or not.
The anti-call center fraud technology can detect whether or not the caller is spoofing their caller ID or is using voice distortion or social engineering.
Pindrop is a startup company founded by Vijay Balasubramaniyan in 2011. Balasubramaniyan’s primary aim was to combat fraud by analyzing and assigning risk to phone calls. The idea was so promising that Google Capital decided to invest $75 million to Pindrop.
Check out Pindrop’s website here.
Read about infosecurity-magazine.com’s article about the Lloyds Banking Group that used phoneprinting here.
Fortune.com has an article about Google’s investment for Pindrop. Read it here.