PRESS RELEASE

Lloyds Banking Group and Pindrop awarded for best risk and fraud management programme

European Contact Centre & Customer Service Awards (ECCCSA) 2017 gives prestigious Gold Award to Lloyds Banking Group and Pindrop

Pindrop, the pioneer in voice security and authentication, and Lloyds Banking Group have won the Gold Award for ‘best risk and fraud management programme’ at the European Contact Centre & Customer Service Awards 2017. Nominations were invited from organisations across all sectors that have developed and implemented an effective risk or fraud management initiative for their contact or customer service centres.

The award celebrates Pindrop’s successful roll out of its primary phone fraud prevention technology, PhoneprintingTM, with Lloyds Banking Group. Lloyds Banking Group became the first European bank to implement Pindrop’s PhoneprintingTM technology in October 2016.

Martin Dodd, Lloyds Banking Group Telephony Director said, “We’ve already seen some huge benefits for customers. This year the system has identified and prevented thousands of cases of attempted fraud. It’s helped us to stop customers becoming victims by identifying signs of potential fraud using the Phoneprinting risk score.”

The patented technology creates an ‘audio fingerprint’ of each call by analysing over 1300 unique call features – such as location, background noise, number history and call type – to highlight unusual activity, identify potential fraud and deter fraudulent callers. It cracks down on tactics like caller ID spoofing1, voice distortion2 and social engineering3 with no need for customers to provide any additional information.

Martin Dodd continues, “Protecting our customers, their money and their information is our top priority and investing in ground-breaking technology is just one of the many ways we are able to remain one step ahead of potential fraudsters. The technology has already increased detection rates of attempted fraud and, because customers don’t need to provide any additional information, it means we can continue to focus on providing customers with the best possible experience when they call us.”

Matt Peachey, Vice President & General Manager EMEA, Pindrop said, “Our Phoneprinting™ technology is highly resilient and very quickly identifies and analyses audio to flag suspicious calls. The technology also identifies multiple callers from the same phone number to identify fraud rings. It shines a spotlight on potentially fraudulent activity before it’s an issue for the organisation and the customer.”

Ann-Marie Stagg, chair of the judging panel said, “The judging panel recognised that the initiative implemented by Lloyds Banking Group was making a significant impact on fraud detection, whilst protecting the customer experience. This is an obvious area of focus for many financial organisations and we believe that this nomination was able to demonstrate a step change in the fight against contact centre fraud.”

 

Notes to editors

1 Caller ID spoofing: A call that has been disguised to make it appear to come from a different phone or location.

2 Voice distortion: When a fraudster uses technology to alter their voice.

3 Social engineering: Manipulating victims into giving up confidential information that can then be used by fraudsters.

About Pindrop

Pindrop® solutions are leading the way to the future of voice by establishing the standard for security, identity, and trust for every voice interaction. Pindrop solutions protect some of the biggest banks, insurers, and retailers in the world using patented technology that extracts an unrivaled amount of intelligence from every call encountered. Pindrop solutions help detect fraudsters and authenticate callers, reducing fraud and operational costs, while improving customer experience and protecting brand reputation. Pindrop, a privately held company, headquartered in Atlanta, GA, was founded in 2011 and is venture-backed by Andreessen Horowitz, Citi Ventures, Felicis Ventures, CapitalG, GV, and IVP. For more information, please visit pindrop.com.

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