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March 4 – The Week in Phone Fraud

TWIPF2 This week in phone fraud, how criminals are using the IVR and mobile wallets.

This week, Forbes reported on Pindrop’s 2016 RSA session, “The Art of Avoiding Authentication.” Pindrop’s Director of Research, David Dewey, tested how Apple Pay’s call center authentication option could be compromised at major financial institutions.

On Tuesday, American Banker‘s Penny Crosman interviewed Pindrop’s CEO, Vijay Balasubramaniyan, on how fraudsters are using the phone channel. Balasubramaniyan pointed out, “If you’re able to detect suspicious IVR activity, you can forewarn banks on average 30 days before account takeover even starts happening. It’s almost like ‘Minority Report.”


Krebs on Security: Credit Unions Feeling Pinch in Wendy’s Breach – Even if thieves don’t know the PIN assigned to a given debit card, very often banks and credit unions will let customers call in and change their PIN using automated systems that ask the caller to verify the cardholder’s identity by keying in static identifiers.

Money: IRS System Meant to Protect ID Theft Victims Seems to Have Been Hacked – Knowledge-based authentication (sometimes called KBA), asks taxpayers four multiple-choice questions about their credit history — such as “On which of the following streets have you lived?” And these questions can be easily answered with random guessing.

Speech Technology Magazine: Pindrop Launches IVR Anti-Fraud Solution – Pindrop recently launched IVR Anti-Fraud, which the company says is the first comprehensive call center fraud detection capable of monitoring all customer voice channel interactions. Fraudsters can use IVR systems as their gateway into more extensive fraud.

The Wall Street Journal: Cybersecurity Startups Describe New Fundraising Hurdles – “VCs were much more discerning and they wanted proof that you have a real product that is delivering a strong return on investment to customers,” said Vijay Balasubramaniyan, CEO and co-founder of Pindrop.

On The Wire: Sidestepping Apple Pay Enrollment Authentication – “Authentication through an app is very secure, because if they’re doing it properly they know specifically it’s your device they’re sending the authorization to,” Dewey said. “A phone call is the weakest of these possible options.”

Network World: New products of the week 2.29.2016 – Our roundup of intriguing new products: Pindrop’s ‘IVR Anti-Fraud analyzes multiple layers of information to help identify suspicious callers for live agent calls in contact centers in the financial services, retail, insurance, and government industries.

Introducing Pindrop® Express – Authenticate without compromise.