PINDROP BLOG

July 29– This Week In Phone Fraud

TWIPF2 This week in phone fraud, Pindrop Labs released its Top 10 Consumer Phone Scams Report and Pindrop CEO, Vijay Balasubramaniyan, reveals how deep learning can transform the relationship between humans and machines.

On Thursday, USA Today reported the top three phone scams targeting consumers this year are Google listing scams, loan-related scams and fraudsters offering free vacations, an information security company called Pindrop found — by masquerading as unsuspecting customers.

Wednesday, IT Pro Portal reported that ever since humans evolved language, speech has proven to be the most efficient way for us to communicate, from the simplest requests to the most complex ideas. Now, with advances in technology, speech is poised to become the next major transformation of the user interface.

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Biometric Update: Biometrics alone will not win the authentication wars – Hackers target banks and any business with a digital presence to steal people’s identities and export valuable private information. Increasingly, hackers are using impersonation methods to pose as individuals to commit fraud digitally and over the phone. Especially in the call center, where fraud is expected to grow by 97 percent between 2015-20 (Aite Group)

Helpnet Security: As voice interaction increases, what will security look like in the next 5 years? – As the accuracy of voice UI grows, it will naturally progress to a means of authentication in the enterprise. However, the enterprise should be concerned about the security implications of tomorrow and what managing voice authentication, in the daily work environment, will mean.

On the Wire: Google Listing, Political Scams, Top Phone Fraud Threats – Nearly 20 percent of all phone fraud calls hitting consumers and businesses this year are part of the fake Google listing scam, more than twice as many as the eight percent that are loan scam calls, according to new data released by Pindrop Labs.

New York Post: Why you may fall for these wild scam phone calls – About 896,000 scam calls have been reported to the US Treasury Inspector General for Tax Administration’s office since October 2013, with some 5,000 victims paying more than $29.5 million to robbers, the agency’s head reported earlier this year.

National Daily Press: FCC is putting pressure on phone companies to give customers technology to block robocalls – The FCC is putting new pressure on both wireless carriers and traditional phone companies to give customers technology to block unwanted robocalls. Chairman Tom Wheeler has told the carriers that they need to give their customers the option to block robocalls, which have become the largest source of complaints that the commission receives.

Straits Times: Banks “unlikely” to pay phone scam victims – Last Monday, OCBC Bank reported a sharp rise in scams involving conmen impersonating its employees; around 30 customers are believed to have been duped, losing tens of thousands of dollars. However, lawyers say victims would be liable for the money they lost due to the voluntary nature of the transactions.