July 26, 2019
Trends in Insurance | How Can We Prevent Fraud?
Across the board, insurers found they were experiencing a huge…
In this video, Vijay Balasubramaniyan demonstrates Pindrop’ new secure out of band verification solution. The new solution allows banks to detect forwarded calls and prevent wire transfer fraud.
“FFIEC Authentication Guidance recommends out-of-band methods to verify online (web-based) transactions as part of their layered security approach. Most banks use the phone to do this by placing a phone call to verify an online transaction. However, attackers are using fraudulent call forwarding and number porting to redirect this phone call to the attacker’s phones.
Pindrop Security is introducing a first-of-its-kind service to protect financial institutions against fraudulent customer out-of-band verification by identifying when a call is reaching a legitimate customer and when the call has been forwarded/ported to a new device.”