Call Center Fraud On The Rise: Pindrop

Pindrop, the developer of call analytics security solutions, has released a new report indicating alarming trends in call center fraud. Composed by Pindrop Labs researchers using Pindrop’s Phoneprinting technology to analyze more than 10 million call center calls in the US and UK, the 2016 Call Center Fraud Report indicates that such fraud attempts have risen 45 percent since 2013.

While security has evidently managed to put up a fight, additional losses were inevitable, rising 14 percent over the same period. The researchers found that organizations lost about $0.65 per call to fraud, a figure that can add up to millions of dollars for organizations fielding millions of calls. In a statement announcing the report, Pindrop suggested that advances in “online and mobile security plus the abundance of breach data and the rollout of EMV chip cards in the US means cybercriminals are changing tactics, exploiting the weakest link in the organization: the call center.”

That, of course, is where Pindrop’s technology comes in, analyzing calls’ contextual data in order to determine fraud risks; it complements similar behavioral biometrics platforms such as NuDetect, which looks at user behavior with respect to online and device interfaces in order to detect potential fraud attempts. And, of course, voice biometrics solutions are on the rise, with companies like Nuance Communications seeing increasing call center deployments – particularly at banks – that can improve both security and the customer experience. As they are adopted, these emerging solutions should help to mitigate the rising risks outlined in Pindrop’s new report.

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May 10, 2016 – by Alex Perala