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Online Brokerage Saves $1.5 Million With Fraud Detection System

Call centers in the U.S. spend over $10 billion per year authenticating callers; however, they are still forced to deal with social engineering attacks designed to gain access to accounts, money, and other assets. For companies like this top 3 online brokerage, tactics like social engineering, Caller ID/ANI spoofing, and customer impersonations have allowed fraudsters to complete fraudulent stock trades as well as wire money to accounts that they control.

Pindrop’s solution was to give them access to anti-fraud authentication technology, which identifies call spoofing and other attempts to defraud financial institutions by providing a highly accurate call risk score. The technology verifies location and call type and matches it against Caller ID or ANI data to identify spoofing. Additionally, it creates a unique phoneprint for the caller and compares the phoneprint to Pindrop’s database of known fraud rings and repeat fraudsters, regardless of the real or spoofed number they are using.

This case study takes a deeper look into all the problems facing the online brokerage, the benefits Pindrop’s anti-fraud authentication technology was able to provide, and how the solution prevented financial losses.

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Pindrop® Solutions: Beating the Balancing Act of Security and Customer Experience