August 1, 2014 – The Week in Phone Fraud

This week saw Pindrop Security heavily featured in the news, with a Bloomberg story highlighting the research on phone fraudster techniques that CEO Vijay Balasubramaniyan and his research team will present at the Black Hat conference in Las Vegas next week. On Thursday, Dataconomy discussed how we’re tackling authentication issues to solve what has become a $19 billion problem for banks and other financial institutions.

In other news, Washington-based broadcast station KING covered the continued persistence of the IRS fraudsters in Washington State. Similar reports of IRS phone fraud activity were published in Connecticut and Kentucky. On Thursday, Matthew Goldstein of the New York Times covered the popular prepaid money card, MoneyPak, and how it is being used for fraud across all parts of the country. Goldstein’s story also discussed how Green Dot, the makers of MoneyPak, had decided to retire the product due to widespread abuse by fraudsters.

Full Breakdown of This Week’s Phone Fraud News

The New York Times: Popular Prepaid Money Card Opens Path to Fraud Schemes – July 31, 2014

Dataconomy: Pindrop Security: Looking to Save Banks $19 billion by Improving Authentication – July 31, 2014

Park City Daily News: IRS and Utility Scams reported in the BG Area – July 31, 2014

Bloomberg Businessweek: Five Essential Qualities of a Highly Effective Phone Fraudster – July 30, 2014

WFSB: West Hartford police warn about IRS scam – July 30, 2014

Bangor Daily News: Bangor businesses beset by phone scam seeking utility payment – July 30, 2014

King 5: IRS phone scam hits Western Washington – July 29, 2014

WIAT: Scam Alert: Phone scam targeting bank and credit union members – July 29, 2014

Columbia Daily Herald: Telephone scams a problem for Tennessee seniors  – July 28, 2014

Fox 43: Attorney General Kane warns against phone scams – July 28, 2014