Case Study: Online Brokerage Saves $1.5 Million With Fraud Detection System

How Pindrop Helped One Financial Institution Stop Account Takeovers

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

Our solution was to give them access to Pindrop Security’s Fraud Detection System (FDS), which identifies call spoofing and other attempts to defraud financial institutions 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 all the problems facing the online brokerage, the benefits FDS was able to provide, and how the solution prevented financial losses.

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