From Pindrop’s Client Forum Exchange, CFX Thriving Together, the pioneer in fraud detection and authentication today announced the launch of a new IVR solution that extends Pindrop’s groundbreaking fraud monitoring and detection capabilities into the IVR to provide enterprises with preventative and real-time fraud detection across the contact center. The PindropⓇ Protect IVR solution predicts future fraud up to 60 days before it occurs and protects against real-time fraud attacks, allowing enterprises to improve overall organizational security posture by defending against the latest fraud tactics and providing a cross-channel view of potential fraud across the entire enterprise.
Fueled by digital transformation initiatives and ongoing pressures to reduce costs and improve the customer experience through automation and self-service tools, companies have invested in creating more sophisticated and engaging IVR experiences for customers. This has introduced significant vulnerabilities that current solutions and approaches are not fully equipped to combat.
Because high-value transactions are not typically processed in the IVR, there’s a common misconception that IVRs are low-risk. However, fraudsters are taking advantage of this misconception in unexpected ways – effectively making IVRs their playground. Leveraging machine-to-machine vulnerabilities and tactics that combine IVR reconnaissance with phishing and vishing scams, fraudsters are slowly gathering data to authenticate themselves and perform account takeover (ATO) across channels. Once they have enough information, they can use it to commit fraud across other channels, including call centers, websites, and mobile apps.
“According to new research we conducted with the Pindrop team, we found that contact centers are often the least protected delivery channel in financial institutions, and are frequently the source of cross channel fraud. It’s no surprise that 36 percent of financial institutions saw a rise in contact center fraud losses in 2020 compared to 2018,” said Shirley Inscoe, Senior Analyst, Aite Group. “The research also found that financial institutions have little insight into the fraud originating in their contact centers, and even fewer have insight into how fraudsters are using their own IVRs against them. With 41 percent seeing evidence of fraud activity occurring in IVRs and one third linking fraud cases to their IVRs – it’ll be important to invest in technology that improves operational efficiency and the customer experience, while reducing fraud loss. In fact, 62% of the financial institutions have either already increased or are planning to increase their investments in IVR monitoring in the next two years.”
Leveraging AI that has been trained on billions of calls over ten years, PindropⓇ Protect IVR addresses these vulnerabilities, helping enterprises protect contact centers and IVRs by predicting and detecting future and real-time fraud. This improves contact center productivity and boosts organizational profitability.
With PindropⓇ Protect IVR, organizations can monitor and measure risk across every call and account. The solution predicts which accounts are most at-risk and gives up to a 60-day advanced warning prior to an attack. By monitoring the IVR, along with contact center calls, PindropⓇ Protect IVR calculates an account risk status, indicating the likelihood of account takeover. Simultaneously all inbound calls are monitored for call risk and provide a score that indicates an active threat. These scores can be integrated through APIs to provide enterprises intelligence without disrupting existing systems and workflows seamlessly.
“This breakthrough technology is coming at exactly the moment when the industry needs it most, as call volumes spike due to COVID-19 and corporate profitability is under pressure,” said Vijay Balasubramaniyan, CEO, Pindrop. “Traditionally, IVRs were seen as a low-risk channel, allowing fraudsters to patiently mine huge amounts of personal data, effectively creating millions of tiny data breaches in otherwise secure systems. Now Pindrop can detect fraud in real-time and predict attacks weeks before they happen.”
With PindropⓇ Protect, enterprises are effectively able to:
● Provide full protection for the IVR to protect against spoofing, account mining, and other reconnaissance activities before fraud costs are incurred.
● Detect up to 80% of fraudulent phone calls, even on the first call attempt, by leveraging the PindropⓇ Intelligence Network.
● Predict which accounts are “at-risk” by effectively identifying patterns indicating when fraudsters are “working” an account and fraud is likely to occur within the next 60 days.
● Provide incremental lift to existing fraud detection measures, detecting more fraud across the organization.
● Gain better cross-channel insights on fraud moving through the enterprise.
In addition to the new capabilities now available in Pindrop Protect, Pindrop is also announcing PindropⓇ Trace, a new patent-pending analytics engine based on graph analytics. This new technology powers account risk scoring on the Pindrop Protect platform to identify the most complicated fraud scams and predict cross-channel fraud up to 60 days before the fraud takes place. Using graph analytics, it processes a comprehensive set of data inputs, including: detailed call and historical information, existing patented Pindrop risk engines, the extensive Pindrop Consortium, and other enterprise data including digital and mobile data that can connect into the platform. PindropⓇ Trace connects all of your data so you have the most comprehensive view of potentially fraudulent activity across all touchpoints, enabling you to prevent more fraud and reduce fraud losses.
With PindropⓇ Trace, enterprises are effectively able to:
● Gain a comprehensive picture of interrelated fraud activity across the company by connecting all of your data and stitching together disparate data that may indicate fraud is happening.
● Identify even the most complicated fraud scams up to 60 days in advance of fraud with account risk scores powered by PindropⓇ Trace.
● Improve analysis by adding your own additional data from other systems (weblogs, etc.) into PindropⓇ Trace.
“I strongly believe that voice is the communication channel for business’s security strategy in the future and Pindrop is leading the way,” said John Chambers, former Executive Chairman and CEO of Cisco and current Founder and CEO of JC2 Ventures. “By extending their groundbreaking fraud monitoring and detection capabilities into the IVR, Pindrop is uniquely positioned to help enterprises reduce their fraud loss by millions of dollars per year. Congratulations to Vijay and the entire team on this exciting announcement!”
“The extension of Pindrop Protect’s fraud monitoring and detection capabilities into the IVR marks an important step in our journey from being an audio-based security and authentication company towards covering the entire spectrum of risk that our customers face. We’re excited to continue developing industry-leading products that help our clients effectively protect their customers in an ever-evolving risk landscape,” Balasubramaniyan concluded.
Pindrop is trusted by eight of the ten largest banks and five of the seven largest insurance companies to detect and prevent fraud and authenticate customers across every call. To learn more about Pindrop, PindropⓇ Protect, and PindropⓇ Trace, please visit www.pindrop.com/.
Pindrop solutions are leading the way to the future of voice by establishing the standard for identity, security, and trust for every voice interaction. Pindrop solutions protect some of the biggest banks, insurers, and retailers in the world using patented technology that extracts an unrivaled amount of intelligence from every call and voice encountered. Pindrop solutions help detect fraudsters and authenticate genuine customers, reducing fraud and operational costs, while improving customer experience and protecting brand reputation. Pindrop Securities, Inc. a privately held company, headquartered in Atlanta, GA, was founded in 2011 by Dr. Vijay Balasubramaniyan, Dr. Paul Judge, and Dr. Mustaque Ahamad. Pindrop is venture-backed by Andreessen Horowitz, Citi Ventures, Felicis Ventures, CapitalG, GV, IVP, and Vitruvian Partners. For more information, please visit pindrop.com.