New Report Cites Pindrop for its Phoneprinting™ Solutions
Atlanta, GA – March 24, 2017 – Pindrop, the pioneer in voice security and authentication, is included in Gartner’s most recent analyst report titled, “Don’t Let the Contact Center Be Your ‘Achilles Heel’ of Fraud Prevention”. The report sheds new light on the category and cites Pindrop for its Phoneprinting™ solutions used to fight contact center fraud. Gartner recommends that “security and risk management leaders should invest now in fraud prevention technology and strategies to protect their enterprises from increasingly sophisticated attacks.”
In the first section of the report titled “Caller ID Is Dead: Don’t Trust That Number Without Phoneprinting” Gartner recommends to “partner with contact center leadership or third-party providers to implement fraud-prevention- based phoneprinting technology to improve customer authentication and reduce call times for legitimate customers, while identifying high-risk call for appropriate scrutiny.” Pindrop’s Phoneprinting™ technology helps identify, locate and authenticate phone devices uniquely from the call audio, thereby detecting fraudulent calls as well as verifying legitimate callers.
Three key findings from Tricia Phillips and Jonathan Care, Gartner analysts and co-authors of the report are:
- Neglected in the fight against fraud, contact centers are often the weak link in omnichannel organizations.
- By 2020, 75 percent of omnichannel customer-facing organizations will sustain a targeted, cross-channel fraud attack with the contact center as the primary point of compromise.
- The technologies and techniques available to detect and prevent contact center fraud and omnichannel fraud have reached a maturity point that justifies investment and integration for most organizations that have the need to mitigate contact center fraud.
“For years we have been tracking the increase in fraud call rates and have seen fraud exposure costs skyrocket during this time. Last year we analyzed more than 500M calls and witnessed more than a 100% increase in fraudulent activity,” said Vijay Balasubramaniyan, CEO and co-founder of Pindrop. “The contact center is under attack and our solutions are currently helping some of the biggest banks, insurance and retail companies reduce fraud exposure and provided a better authentication experience for their valued customers.”
Pindrop believes they deliver solutions to cover nearly all Buildings Blocks of Contact Center Fraud Prevention that Gartner highlights in the report to help solve the contact center fraud problem, including:
- Implement phoneprinting – Pindrop’s Phoneprinting™ technology uses 147 unique call features to create a distinctive identifier for each caller.
- Use of biometric voice recognition – voice biometrics are imbedded in our fraud detection technology and passively voiceprints every call to identify known fraudsters.
- Send fraud activity to central fraud analytics tool – Pindrop offers a centralized case management system that allows you to hear the full call exchange, review each calls risk assessment, and provide feedback leveraged by our consortium to help spot known fraudsters in your organization and even other companies in our network.
- Allow CSRs to service customers without asking them to detect fraud – Pindrop’s advanced fraud detection technology allows us to catch over 80% fraudulent calls with less than 1% false positive rate. This assurance allows more focus on providing a positive customer experience.
Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
Pindrop is the pioneer in voice security and authentication. Pindrop provides enterprise solutions to reduce fraud losses and authentication expense for some of the largest call centers in the world. Pindrop’s patented Phoneprinting™ technology helps identify, locate and authenticate phone devices uniquely from the call audio, thereby detecting fraudulent calls as well as verifying legitimate callers. Pindrop has been selected by the world’s largest banks, insurers, brokerages and retailers, detecting over 80 percent of fraud. Pindrop’s solutions are allowing customers to reduce call time and improve their customer’s experience even while reducing fraud losses. Pindrop was founded in 2011 and is venture backed by Andreessen Horowitz, CapitalG, Citi Ventures, Felicis Ventures, GV and IVP.
Head of Global Communications