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Take a Look at the Last Year in Voice

With physical and online information security always growing stronger and harder to crack, fraudsters gravitate toward the weakest link in your security—your voice channels. For many years, our annual fraud reports have shown that fraudsters increasingly exploit voice channel as it exists today in the call center. Fraud rates increase every year, and this year is no different.

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AI & the Voice Channel

AI presents exciting but uncharted territory. Like any disruptive technology, benefits exist for businesses alongside opportunities for criminals to use this technology against us.

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Convenience & Efficiency, for Customers & Fraudsters.

Automation is an Open Door for Fraud, in All Industries

With improvements to AI come improved chatbots that take over many aspects of CSR conversation. Because chatbots automate many routine calls and conversations, more and more businesses obviously want to explore its use. In fact, Gartner predicts that customers will manage 85 percent of business relationships without humans by 2020.1

Because so many chatbots are unmonitored, fraudsters abuse them with fervor—conducting reconnaissance like how they approach IVR.

Artificial Intelligence and Synthetic Voice creation poses a large threat to enterprises looking to maximize their customer’s experience. Security must be inherent in solutions that serve the customer, but don’t detract from their experience.

28%

have already adopted voice technology to improve customer experience, and a further 57% plan to deploy in the next 12 months

88%

believe that voice technology will give them a competitive advantage in improving customer experience

94%

of managers see voice technology as an important driver of customer satisfaction

1 Source: Pindrop Surveyed 500 Business and IT leaders across enterprises of all sizes located in the US, UK, France and germany, The online survey was conducted by loadhouse during May 2018.

Customer Service

A major reason that fraud rates increase is that most organizations struggle to find the right balance of security and customer service. When stronger traditional security measures are put into place, these measures typically impact customer experience—often to an organization’s detriment.

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Global Expectations

60% of global consumers expect brands to protect their interests when using private data.

U.S. Expectations

72% of United States consumers expect brands to protect their interests when using private data.

The Cost of Complication

74% of people are likely to switch brands if they find the purchasing process too difficult.

The Effect of Voice Fraud on Customer Churn

Security's Impact on Customer Service

Some industries are disincentivized to deal with the negative costs related to anti-fraud and authentication solutions. What happens when the cost of fraud is less than the cost of customer churn and lost revenue from the negative side effects of authentication procedures?

We have always been bullish on streamlined authentication for our customers. Pindrop allowed us to achieve the trinity of higher customer satisfaction, reduced agent time, and further reduced fraud.

CISO, Top 5 US Brokerage

Cross Industry Fraud

Looking at fraud across multiple industries, it’s clear that fraudsters vary how they execute attacks—and these varied attacks also impact organizations differently.

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With No Industry-wide Fraud Solution, Fraud Continues to Grow

Road Blocks Lead Fraudsters Looking for New Avenues of Theft

As call center fraud grows in frequency, sophistication, and methodology, fraudsters also run into technology roadblocks that close channels for them to exploit. To refine and adjust their schemes, they examine weak points and unique opportunities within each industry.

Looking Ahead

Because of AI and automation, many people have the impression that we won’t have a need for call centers in the future and that the voice channel may become a thing of the past.

Actually, our full immersion into the voice channel may be just getting started.

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The future of Security in the Voice Channel

How Will Security be Handled in the OmniChannel?

While most voice channel technology has focused primarily on the call center, we are seeing massive growth in digital assistants on our smartphones, tablets, computers, and standalone devices in our homes. These digital assistants will extend to our cars, our appliances, and to anything in the future with an internet connection. And for each digital assistant, there is a potential for fraud, hacking, and security exploits.

67%

believe that all or most their voice conversations will be automated within five years – rising to 79% in technology businesses.

See The Full Picture

Voice fraud rates are increasing overall and at different rates for various industries. Each industry has its own unique challenges related to fraud. The trends show that call centers are not going away and that we will rely on the voice channel—both with human agents and digital assistant technology—more than ever.

Find out the Entire Story of Voice Fraud in 2018

This voice intelligence report highlights the changing industry dynamics as voice grows out of the the call center and into consumers living rooms, automobiles, television remotes , and wrist watches. As voice, identity, and customer experience lead enterprise intitaties, intelligence about emerging threats and trends will become paramount for enterprises providing omnichannel experiences. Download the full report now for latest on voice threats, trends, and voice’s place our future.

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Pindrop Surveyed 500 Business and IT leaders across enterprises of all sizes located in the US, UK, France and Germany. The online survey was conducted by Loadhouse during May 2018.

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