PINDROP BLOG

Category: Bank fraud

November 18, 2014
Misdial Misdeeds: Phone Scam Affecting U.S. Financial Institutions and their customers
Recently, Pindrop Security researchers were alerted to a phone scam targeting a financial institution. As part of the scam, fraudsters had purchased phone numbers that were similar to a financial institution’s main phone line and were using those numbers to target consumers who misdialed. A recording set up by the fraudsters would then offer a call…
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November 17, 2014
Experts Predict a Surge in Fraud During EMV Chip and Pin Transition
Point-of-sale (POS) security breaches, like those at Home Depot and Target, are a major concern for financial institutions. Banks must protect their customers from fraud, knowing that many have had identifying information stolen during these breaches. Experts are now predicting that financial institutions can expect an even greater number of attacks in the coming months.…
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October 17, 2014
Join Us for Breakfast and a Discussion of Phone Fraud in Canadian Financial Institutions
Much like the rest of the world, Canada is facing rising reports of phone fraud in financial institution call centers.  According to CIO Today, some Canadian banks are now allowing customers to sign into their accounts or skip call center security questions by supplying a voiceprint.  But are voice biometrics enough to stop phone fraud in…
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October 14, 2014
Live Webinar: Lifecycle of a Phone Fraudster
Don’t forget to register for Pindrop’s live webinar this Wednesday, October 15th at 12:00pm EST, “Lifecycle of a Phone Fraudster: Exposing Fraud Activity from Reconnaissance to Takeover Using Graph Analysis and Acoustical Anomalies.” The webinar will discuss how call centers have become the weakest link for financial institutions. Fraudsters are using spoofing, voice distortion, and…
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September 9, 2014
Home Depot attack leads to phone channel exploits
Yesterday, Brian Krebs, an investigative reporter/blogger focused on online crime, posted a detailed overview of the Home Depot breach and called out financial institutions for allowing PIN numbers to be changed over the phone when a caller is able to answer 3 out of 5 Knowledge-Based Authentication (KBA) questions: “Countless banks in the United States…
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January 20, 2014
New York Times talks phone fraud
Fake emails are usually pretty easy to spot because you can look and see if it came from Bank of America or from FreeEmailAddressInEgypt(dot)com,” said Mr. Forester, 29, who is an electrician. “With the phone, you don’t have that option of researching. The New York Times today invested some time in discussing the increase in…
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November 21, 2013
Know Your Fraudster
Today Pindrop Security released “KYF: Know Your Fraudster,” our 2013 Phone Fraud Report. You already Know Your Customer (KYC), time to know the other callers into your institution. We examined phone fraud activity affecting financial services institutions during the first six months of 2013 and found some staggering figures, most notably that 1 call for…
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September 27, 2013
Right person, right phone, right place
There are not a lot of surprises in the security world. With email, web, database, etc., the model has looked basically the same. Figure out how what a good guy does differs from what a bad guy does. The challenge has always been telling that difference. What do you know? Can you trust it? Can…
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September 27, 2013
Six Degrees of Phone Fraud
If you are like me, the never ending stories on hackers breaking into businesses don’t even merit a passing glance anymore. We never stop to think how we are connected to these events. Recently, LexisNexis was again in the news over data breaches. Now, LexisNexis has some of the most sophisticated security controls in the…
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July 24, 2013
Telephony Going the Internet Way: Multi-layered Approach for Countering Emerging Threats
Telephony going the Internet way is the title of this series of blog posts. In this concluding post on this topic, let us revisit the reasons for this title. First, it is about the changing underlying technology. With technologies like VoIP, we are increasingly using IP networks for transporting voice the same way the Internet…
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