Criminals use the phone channel for reconnaissance, the first step in a data breach attack. Pindrop protects the phone channel and IVR from criminals attempting to mine for customer data. In addition, as major data breaches such as Anthem and Target have occurred, attackers have found the phone channel to be the vulnerable underbelly for corporations and consumers, allowing them to monetize the breaches through social engineering and account takeovers.
Stopping Cross Channel and Cross Industry Fraud
Phone channel attackers rarely limit their targets to a single institution, industry, or consumer. Attackers use every piece of data they can find to put together sophisticated, multi-pronged phone channel attacks. Many attacks are not looking for money directly, but rather are phishing for information needed to successfully impersonate a consumer or institution.
For example, an attacker may call a consumer and impersonate a financial services company, claiming to be able to negotiate for lower rates on credit card debt. This attacker doesn’t ask the consumer for money. Instead, he or she will ask for account numbers, passwords, social security numbers, etc. The attacker can then call the credit card issuer and pass the knowledge-based authentication (KBA) for the credit card account using the information gleaned from the consumer phone call, leading to a complete account takeover.
As another example, a retailer might experience a point-of-sale (PoS) system data breach. Phone channel attackers are buying information from those breaches in online black markets and using it to perform phone fraud on banks and consumers.