March 2, 2016 in Blog, FinTech, News from Our Companies

Pindrop Security: phone fraud forces banks to focus on call center security

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Screen Shot 2016-03-02 at 01.10.03Signing onto one’s bank account via tablet or a smartphone for many consumers these days likely means entering two types of authentication before accessing financial info.

So fraudsters, ever searching for ways to drain accounts are increasingly going retro: just making a phone call.

Pindrop Security, an anti-fraud and authentication technology company tells American Banker, an industry trade journal, that crooks are targeting financial institution call centers to drain accounts.

Pin drop Security, a 2014 graduate company of the Advanced Technology Development Center’s (ATDC) Signature program, told American Banker that one out of every 2,000 calls to large banks’ call centers is fraudulent. That’s up from last year, where the company said the rate was about one out of every 2,900.

For regional banks, it’s worse, with one out of every 700 calls to bank call centers being fraudulent.

Read the full story in the American Banker here.




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