According to BBC, MoneyConf is “where the world’s largest banks and tech firms meet.” This year, over 1800 top names from 69 different countries attended – from CEOs of global financial brands to the founders of the world’s most disruptive startups. For two days, all attendees had access to keynotes, fireside chats, workshops, and panel discussions from key players redefining the boundaries of financial technology. At this year’s conference, Pindrop’s own, Vijay Balasubramaniyan, shared his insights during a roundtable, panel discussion, and workshop session.
Roundtable: “Biometrics and the Future of Passwords”
- Many of today’s organizations still rely on outdated security measures in the call center. Caller ID is easily fooled by spoofing phone numbers or ANIs, and knowledge-based authentication questions (KBAs) are easily bypassed with the right information. A fraudster can socially engineer the answers, find them online with the multitude of personal information available through social media, or buy them on the black market.
- With the ongoing rise in identity theft and the desire by companies to securely help customers access their information as rapidly as possible, voice biometrics has emerged as a new, convenient method of authentication. Many organizations are now moving toward voice controls for consumer passwords. However, this approach to user authentication is not sufficient enough on its own – a multi-layered approach is required to defend against the sophisticated fraud tactics now being used, as noted by Gartner.
Panel Discussion: “Fraud Prevention in 2017: What You Don’t Know”
- Vijay joined Cisco’s Gregory Akers, Au10tix’s Ron Atzmon, and Reuters’ Eric Auchard to discuss how the financial services industry is currently failing to identify security threats, which is essential to halting the rising rate of both domestic and international fraud. When it comes to financial crimes, many enterprises fail to identify the call center as the root cause of fraud loss, enabling fraud in others channels, such as debit card, credit card, and check order takeover. Meanwhile, fraudsters are capitalizing on this misdiagnosis and targeting the call center as the weakest link in security.
Workshop Session: “Is Voice Recognition the Key to Killing Fraud?”
- Last year, international criminal activity taking place in the call centers of financial institutions nearly doubled. Technology is improving on both sides – fraud and anti-fraud. With increasingly sophisticated tactics, fraudsters have been using the call center to launch their cross-channel attacks, taking advantage of the customer service agents on the other end of the call, to access and change the account information of legitimate customers.
- Interaction with a call center agent is a point-of-contact where voice can be leveraged for both fraud prevention and user authentication. Building out a multi-layered, anti-fraud strategy with Pindrop’s Phoneprinting™ enables enterprises with the information necessary to filter out illegitimate callers.
Learn more about current fraud trends facing the financial industry. Catch the panel discussion on-demand.