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PRESS RELEASE

Pindrop launches European Cloud to defend call centres and enterprises from fraud attacks in the voice channel

Increased call volumes and fraud attempts during pandemic driving adoption of cloud provisioned solutions to protect against financial fraud and deliver real-time enhanced customer experience

London, UK – 30 March 2021 – Pindrop, the global technology leader in identity, security, and trust for voice interactions, today announces the availability to purchase of its new European-based cloud offering, including the Pindrop Protect and Pindrop Passport solutions.  These proven solutions will enable European enterprises to defend against telephony and cross channel fraud attacks to reduce fraud loss and deliver user authentication to streamline the customer experience and reduce operational costs.

Pindrop Protect is a real-time fraud protection solution that analyses calls coming into call centres to detect for indicators of attempted fraud via anomalous voice, device, and behaviour characteristics. Proven to detect up to 80% of phone fraud in real-time, Pindrop Protect reduces the risk of financial loss before a fraudulent transaction can take place.   Included in this new cloud offering is Pindrop Protect IVR, a capability that helps organizations monitor and measure risk across inbound calls and customer accounts. The solution predicts which accounts are most at-risk and gives up to a 60-day advanced warning before an attack. By monitoring the IVR, along with contact center calls, Pindrop Protect IVR calculates an account risk status, indicating the likelihood of an account takeover. Simultaneously all inbound calls are monitored for call risk and provide a score that indicates an active threat. These scores can be integrated through APIs to provide enterprises intelligence without disrupting existing systems and workflows seamlessly. 

Pindrop® Passport enables call centres to quickly authenticate users to deliver enhanced personalisation and customer experience for the caller while simultaneously reducing overall call handling times, leading to greater operational efficiencies and cost savings for the call centre. Using risk criteria and multi-factor credentials passively extracted from the call as it happens, Pindrop Passport gives call centre agents and IVR’s confidence in the validity of the caller’s identity throughout the lifecycle of the call.

The launch of Pindrop’s European cloud-based anti-fraud and authentication product suite comes as enterprises across Europe have changed their approach and moved to adopt cloud-based offerings in order to embrace the fully remote call centre, support a decentralised workforce, and effectively manage the increased volume of inbound calls due to the COVID-19 pandemic. According to the Voice Intelligence & Security Report 2021[KS1], some organisations saw call volumes grow by more than 800% in the second half of 2020, with the average call duration increasing by 14% and call waiting times increasing by an additional 11 minutes.   

“Following a year of unprecedented change, we see an increasing move by organisations in multiple industries to embrace a cloud-based approach in their call centre operations. Organisations realize that the days where they have to rely upon cost and maintenance-heavy on-premise solutions are gone, and they can achieve greater efficiencies and results with this more flexible cloud model.  To meet this demand, we are now able to offer a European-based cloud service to support organisations, such as those in the financial sector who also require their cloud services to be based in region due to regulatory requirements,” said Vijay Balasubramaniyan, Pindrop’s CEO.

In recent commissioned research conducted by Forrester Consulting on behalf of Pindrop that looked at the impact of COVID-19 on call centres in EMEA, 59% of survey respondents found fraud attacks had increased with the subsequent impact on the bottom line rising for 61% of survey respondents. 

Vijay Balasubramaniyan continues: “Financial fraud can negatively impact not only the bottom line but also an organisation’s brand reputation and the customer experience. As organisations typically focus on securing the digital and online channel when seeking to stop fraud, it is the savvy fraudsters that are taking advantage of the unprotected IVR to commit financial fraud. By working together and embracing new technologies delivered by the cloud to identify fraudulent activity, while improving genuine customers’ experience with faster and smoother authentication, we can reduce the impact of fraud experienced by enterprises in Europe.”

¹Based on detection rates among Pindrop’s customers from March 2020 – March 2021

About Pindrop:

Pindrop solutions are leading the way to the future of voice by establishing the standard for identity, security, 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 and voice encountered. Pindrop solutions help detect fraudsters and authenticate genuine customers, reducing fraud and operational costs, while improving customer experience and protecting brand reputation. Pindrop Securities, Inc., a privately held company headquartered in Atlanta, GA, was founded in 2011 by Dr. Vijay Balasubramaniyan, Dr. Paul Judge, and Dr. Mustaque Ahamad. Pindrop is venture-backed by Andreessen Horowitz, Citi Ventures, Felicis Ventures, CapitalG, GV, IVP, and Vitruvian Partners.

For more information, please visit pindrop.com  

Media Contact:

Emily Quick/Grace Meaney

Code Red UK for Pindrop

E: [email protected]