PSCU, the nation’s leading credit union service organization, has partnered with Pindrop to identify and prevent call center authentication fraud. Call center fraud occurs when criminals use the phone channel to impersonate consumers to gain access to their account funds and sensitive data. PSCU is the first credit union service provider to utilize Pindrop’s proprietary platform for fighting call center authentication fraud.
“Through our partnership with Pindrop, PSCU continues to protect members by investing in risk management and advanced fraud detection solutions aimed at driving down fraud losses and improving the member’s identity authentication experience,” said Chuck Fagan, PSCU President and CEO. “The technology from Pindrop adds yet another layer of security and intelligence to our industry-leading risk management protocol to detect and prevent fraud.”
“PSCU’s fraud detection and prevention resources stopped $146 million in fraudulent transactions last year,” said Jack Lynch, PSCU SVP and Chief Risk Officer. “The partnership with Pindrop will help toughen our resistance to this emerging fraud threat in the voice channel. Our investment in new risk management technology is a key component of PSCU’s mission to support, protect and optimize every transaction we have with our Owner’s members.”
“We are excited about the partnership and we look forward to supporting PSCU’s commitment to service excellence by protecting their Owners and members against the increasing fraud threats that target call centers,” said Michael Hughes, Pindrop Vice President, Americas. “Over 61 percent of fraud starts with a phone call and the voice channel accounted for more than $10 billion in fraud last year in the U.S. PSCU is a proven leader in fraud and risk management best practices and we are proud to have the Pindrop technology as an integral component of their overall member authentication and risk management strategy.”
Pindrop’s patented technology, Phoneprinting™, analyzes 147 different factors in the audio of a phone call in order to create a unique signature that allows a fraud analyst to identify an illegitimate caller, while also determining the caller’s true geographic location, device type, and more. Unlike a phone number or a voice, this information is impossible for fraudsters manipulate. With Pindrop’s solution, customers catch over 80% of fraud calls with less than a 1% false positive rate. Contact centers are empowered with the technology necessary to stop fraud loss, reduce operations costs, protect brand reputation and compliance, and improve the customer’s overall experience.
According to Aite’s Senior Analyst, Shirley Inscoe, as large financial institutions implement anti-fraud and authentication technology like Phoneprinting™, fraudsters will move downstream and target smaller organizations, such as smaller banks and credit unions. With Pindrop, PSCU will be able to streamline the member authentication experience to enable faster issue resolution time through the voice channel. “Our Owners expect our call centers to protect them from fraudulent callers, and we must implement solutions that quickly and accurately validate incoming calls,” added Lynch. “Pindrop’s technology will help us add even more value to our fraud protection services and improve the overall member experience.”
Established in 1977, PSCU (St. Petersburg, FL) is the nation’s leading credit union service organization (CUSO). The company was recognized as CUSO of the Year in 2016 by the National Association of Credit Union Service Organizations. PSCU’s products, financial services solutions and service model collectively support over 850 Owner credit unions representing more than 20 million credit, debit, prepaid, online bill payment and mobile accounts; protect over 2 billion transactions annually from fraud; and optimize credit union performance and growth. Comprehensive 24/7/365 member support is delivered through call centers located throughout the United States.
Pindrop is the pioneer in voice security and authentication. Pindrop provides enterprise solutions to reduce fraud losses and authentication expense for some of the largest call centers in the world. Pindrop’s patented Phoneprinting™ technology helps identify, locate and authenticate phone devices uniquely from the call audio, thereby detecting fraudulent calls as well as verifying legitimate callers. Pindrop has been selected by the world’s largest banks, insurers, brokerages and retailers, detecting over 80 percent of fraud. Pindrop’s solutions are allowing customers to reduce call time and improve their customer’s experience even while reducing fraud losses. Pindrop was founded in 2011 and is venture backed by Andreessen Horowitz, CapitalG, Citi Ventures, Felicis Ventures, GV and IVP.