Hoping to put a dent in a method of fraud that costs U.S. companies $10 billion annually, PSCU, a credit union service organization that serves more than 850 credit unions, will use technology from Pindrop that the companies say will prevent call center authentication fraud. That happens when criminals impersonate customers and gain access to their accounts via the call center.
“PSCU’s fraud detection and prevention resources stopped $146 million in fraudulent transactions last year,” said Jack Lynch, PSCU senior vice president and chief risk officer. “The partnership with Pindrop will help toughen our resistance to this emerging fraud threat in the voice channel.”
Here’s how the Pindrop “Phoneprinting” technology works: It analyzes some 150 characteristics of a call to create a unique audio “fingerprint” that can tell what type of phone the caller is using, where the call is coming from, whether the caller is known to the system and other traits that can identify probable fraud attempts. Pindrop said its technology stops 80 percent of phone fraud, and has a false positive rate of less than 1 percent.
More than 61 percent of U.S. fraud involves a phone call, Pindrop said.
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