Annual Report

2023 Voice Intelligence and Security Report

Pindrop Labs analyzed its customers’ contact center call and fraud data over a five year period and found a 40% increase in fraud in 2022, and expects this trend to continue in 2023. Fraudsters are attacking the contact centers and consumers with advanced techniques while creating complex execution networks. In 2023, businesses need to reimagine their fraud detection and authentication processes and figure out how to catch fraud more holistically.

  • Fraud is rising for financial institutions: In 2022, fraud rates hit 1 in 749 calls, trending back toward 2019 levels of 1 in 686 as fraudsters return to contact centers.
  • KBA is failing against fraudsters: They use breach data to correctly answer KBAs 40–80% of the time. Pindrop customers who replaced KBAs with multifactor authentication saved $4M monthly.
  • IVR is under attack: Fraudsters use dark web data to flood IVRs, causing 10x more risk there than at the agent level. Once a target is found, they strike fast and share the data.
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