Phoneprinting at Lloyds Banking Group

Pindrop’s patented technology, Phoneprinting™, analyzes 147 different factors in the audio of a phone call in order to create a unique signature that allows contact centers to authenticate callers and detect fraud. To create a phoneprint, Pindrop examines the  call audio and breaks it down by to it’s most subtle characteristics. This allows a fraud analyst to create a unique signature for fraudsters, while also determining the caller’s true geographic location, device type, and more, which provides valuable information that is invisible to most. Unlike a voice or a phone number, this information is impossible to manipulate. Phoneprinting allows Pindrop’s customers to catch over 80% of fraud calls with less than a 1% false positive rate.
For first time callers, Phoneprinting provides real-time risk factor detection and anomaly detection. For repeat callers, Phoneprinting provides unique fraudster identification and fraud analytics tools. Unlike other solutions, Phoneprinting provides universal protection for all incoming calls to the contact center, allowing contact center agents to identify unknown attackers on their very first call while also creating a robust intelligent blacklist of known attackers. Phoneprinting enables contact centers with the technology necessary to stop fraud loss, reduce operations costs, protect brand reputation and compliance, and improve the customer’s overall experience.

 
Lloyds Banking Group is the first organization in Europe to implement Pindrop’s state-of-the-art technology into its contact centers  to protect its 30 million customers from telephone fraud. Financial Fraud Action (FFA) figures show that consumers lost £755 million to financial fraud across the UK financial services industry in 2015, and Pindrop Labs reports that 1 in 700 calls to UK financial services contact centers is currently fraudulent. Phoneprinting has already helped prevent millions of dollars of fraud at three of the top four banks in the US, and this implementation will strengthen Lloyds Banking Group’s defenses against fraud to further protect customer account information.
Customers will benefit from this protection against new tactics, including caller ID spoofing, voice distortion, and social engineering, that allow fraudsters to disguise their calls and manipulate vulnerable individuals.
Martin Dodd, Group Telephony Managing Director of Lloyds Banking Group explains:
“Protecting our customers, their money, and their information is our priority and investing in ground-breaking technology is just one of the many ways we are able to remain a step ahead of potential fraudsters. Our partnership with Pindrop will enable us to further strengthen our multi-layered defenses and allow us to continue to lead the industry in this important area.”
Learn more about Lloyds Banking Group’s commitment to fraud prevention.