In the insurance industry, many insurers run into problems with data privacy and account takeover. Fraudsters often target independent accounts from insurance agents, because that exposure can lead to the additional exposure of hundreds of consumer accounts. In this particular case, the fraudsters were exposed to $32M. The organization discovered that the fraudsters targeting their accounts were taking out loans against policies – at the root of this was a social engineering scheme.
Fraudsters were able to call individual agents at the insurance company, posing as IT support employees. By doing this, with the help of other social engineering tactics, the fraudsters gained access to hundreds of consumer accounts. This kind of breach not only impacts the company financially, but also impacts their reputation to the customers impacted by the breach.
So how did this top 10 insurance organization reduce their exposure from the data leak from $32 million down to zero? Pindrop enabled them to:
- Identify the fraud ring responsible
- Stop the attacks on several targeted accounts
- Reduce the responsibility of the agents to determine which calls were risky
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