Finance & Banking

PROTECTING the

Finance & Banking Industry

What happens when banking and financial institution call centers cannot reliably verify whether they’re talking with an actual customer? Our solution helps quickly, easily and accurately detect fraudsters before they have a chance to act.

See how Lloyds Banking Group uses Phoneprinting →

Financial Institutions face uniques challenges

Fraudsters take over accounts, steal identities, or commit transaction fraud through call centers, leading to significant fraud loss. Hits to brand reputation and customer satisfaction coupled with higher operational costs, as call centers spend more time per call trying to prevent attacks, can be prevented.

Increasing Fraud Loss

Pindrop® Labs found a 61% y-o-y increase in FI fraud attacks – higher than any other industry studied.

Weak Protection

Current solutions for banking and financial call centers are inefficient for authenticating customers and deterring fraudsters.

Brand Vulnerabilities

Breaches and account takeovers impact brand reputation and customer trust.

according to Pindrop® Labs, 1 in every 867 financial institution calls is fraudulent

“Much of the fraud that is enabled in U.S. financial institutions’ contact centers later occurs in another channel (i.e., occurs as cross-channel fraud). Examples include a debit card, credit card, or check order obtained by an impersonator, or online fraud that results from credentials being reset by the contact center agent. At many banks, the root cause of the fraud losses — the contact center — often goes unrecognized.”

— Shirley Inscoe, Aite Group 

HOW PINDROP PROTECTS FINANCIAL INSTITUTIONS

Pindrop® anti-fraud and authentication solutions help financial institutions lower fraud costs, improve customer experience and avoid embarrassing data breaches originating in their financial call centers.

PREVENT ACCOUNT TAKEOVERS & CROSS-CHANNEL ATTACKS

Pindrop® solutions help call centers identify and flag suspicious callers early, quickly, and accurately over the voice channel, detecting fraudsters before they have a chance to perform reconnaissance or gain access to accounts.

LOWER FRAUD COSTS

Pindrop® Labs found the average financial institution call center reported average fraud losses of $0.58 per call. Many Pindrop customers report a reduction in fraud losses by over 70%.

IMPROVE CUSTOMER EXPERIENCE

Pindrop® solutions help call centers to reduce frustrating authentication processes and false positives for low risk callers while allowing agents to focus on supporting customer requests and maintaining positive relationships.

PROTECT BRAND REPUTATION

A high-profile data breach is devastating to a bank or financial institution, and recent breaches have been tied to a lack of call center security. By shoring up security gaps, call centers can help stop attacks that could devastate a brand and customer base for years.

Webinar: TACKLING THE 113% FRAUD INCREASE IN CALL CENTERS