Phone fraud is a significant problem for retailers. In 2014, one major consumer electronics retailer estimated that 5% of all orders taken over the phone resulted in a chargeback. For the most popular brand name products, such as Apple, chargeback fraud was as high as 50%. All this translated to an annual phone channel fraud loss of over one million dollars.
Our solution was to give them access to Pindrop Security’s Fraud Detection System (FDS), which identifies call spoofing and other attempts to defraud retailers by providing a highly accurate call risk score. It verifies location and call type and matches it against Caller ID or ANI data to identify spoofing. It also creates a unique phoneprintTM for the caller and compares the phoneprint to our 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 the problems facing retailers, the benefits FDS was able to provide, and how the solution prevented financial losses.
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