Account takeover can wreak havoc on your business and reputation. In the phone channel, fraudsters impersonate legitimate customers, socially engineering call center representatives into changing contact information or PIN numbers to accounts. This allows fraudsters to transfer money, access online accounts, make fraudulent purchases, open new lines of credit, and more.
Card Not Present Fraud
Criminals place orders over the phone using stolen credit card information. Often the order is processed and shipped before the fraud is discovered, resulting in a chargeback. These attacks hurt retailer reputation and well as the bottom line. If a retailer has too many chargebacks they may be required to pay extra fees for processing credit cards.
Criminals use the phone channel for reconnaissance, the first step in a data breach attack. Pindrop protects the phone channel 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.