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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 every 2,500 calls into financial institution call centers is a fraud call. While this number may initially appear tiny or even negligible, when you consider that call centers receive upwards of tens to hundreds of thousands of calls a month, the presence of inbound fraudulent activity into call centers across America is substantial.
Phone fraud is a multimillion-dollar industry, often led by professional, organized attackers. Financial institution call centers rank among the largest targets for phone fraudsters, with attackers using a variety of social engineering and account manipulation techniques to steal via wire transfers, Account Clearing House (ACH), and cards. Financial services companies lose millions of dollars each year due to phone fraud.
Here are some of the key findings from our report:
For more information and to learn more about phone fraud and Phoneprinting, click here.