For 13 years Pindrop® Protect has been at the forefront of call center security by analyzing +1.5B calls annually, detecting 3M fraud calls and helping prevent +$2B in fraud losses.1 Pindrop has achieved this success through rapid innovation such as the industry’s largest confirmed fraudster data consortium, award-winning deepfake detection2 and multi-factor fraud detection including Phoneprinting® Technology, that helps our customers stay ahead of their evolving fraud risk.
Today, we’re excited to announce the launch of Pindrop® Protect Continuous Scoring, the industry’s first real-time, fraud look-back technology for call centers that detects more fraud, and makes the fraud case investigation process more efficient and effective for fraud teams.
A growing, complex problem
In 2023, there were 2.6M reported fraud events in the US; 20% were perpetrated in the phone channel.3 The number of high-risk calls in contact centers grew 55% YoY in 2023.4 And, there is likely more fraud than what is discovered and reported. Fraud not only takes place in the contact center, but also in the IVR (Interactive Voice Response) through account reconnaissance. Without a real-time, fraud intelligence system scanning all parts of the contact center, this reconnaissance activity can go unnoticed, resulting in future fraud. Data suggests that up to 61% of account takeovers take place in the contact center.5
Fraud “look-back” has been a staple in payment and transaction monitoring to identify potential fraud or money laundering in financial transactions. Now Pindrop is introducing this new technology to help monitor real-time fraud activity by leveraging rich fraud intelligence from ongoing fraud investigations. Fraud look-back gives your contact center the ability to scale your fraud detection capabilities by rescoring historic calls with new fraud intelligence. This look-back can continuously learn new fraud intelligence and identify previously unknown fraud faster than a manual review. A “look-back” recognizes that a single fraud case can be one branch of a bigger tree of interconnected malicious activities linked through multiple fraudulent phone calls, caller IDs, and accounts. This missing information, when captured, is valuable to strengthen your call center’s security posture.
A solution that can stay a step ahead of fraudsters
When analyzing customers’ usage of Pindrop® Protect, our multifactor fraud detection solution, we discovered something interesting: when customers created and investigated fraud cases, they also learned valuable fraud intelligence like the caller ID used by fraudsters, their voice, carrier network, PhoneprintⓇ signature, or location. This information was used to make a decision on active fraud cases, but missed an opportunity to ‘look back’ on historical calls and identify if the same fraudster was active. Pindrop leveraged this fraud intelligence to analyze historical calls across multiple time windows to learn if fraudulent activity was missed. To our customers’ surprise, we learned that there was still some fraud left to uncover.
Pindrop customers that beta tested Continuous Scoring found an average of 22% more fraud6 with 90% accuracy,7 resulting in estimated fraud loss savings of up to $5.1M, annually.8 These additional fraud cases were highly accurate with a low false positive and case review ratio,9 meaning that almost no time was wasted reviewing false positives.
“Pindrop Protect Continuous Scoring is our next innovation and a major advancement in the fight against fraud. Customers have great intelligence from our Protect solution, so it was a natural evolution for Pindrop to leverage this intelligence to uncover even more fraud on their behalf. We encourage all customers to try this innovation and experience its benefits.” – Rahul Sood, Chief Product Officer, Pindrop
Continuous Scoring integrates into PindropⓇ Protect, a multifactor fraud detection solution, providing fraud analysts, security teams, and contact centers a superior AI technology to enhance their fraud detection efforts by:
- Leveraging Pindrop Protect’s deep neural network-based multifactor approach, combined with Pindrop’s proprietary fraud consortium, to rescore past calls and create new fraud cases with high accuracy
- Enabling customer flexibility to configure the fraud look-back window for the analysis anywhere from 24 hours to weeks from when the case was first created. The longer the look-back window, the higher the possibility of detecting new fraud
- Uncovering IVR account reconnaissance activity. The technology learns from new fraud cases, and can apply that intelligence to previous call traffic at both IVR and agent legs
- Creating a fraud case automatically, as long as the calls meet the customer’s desired case creation policy set within Policy UI
- Deploying out-of-the-box, with no additional effort required from customers to existing policies, workflows, or reporting
Fraud is an increasingly sophisticated problem. Organizations need advanced technology to uncover fraud that might be openly hiding in their contact center. PindropⓇ Protect Continuous Scoring leverages fraud intelligence from case investigations to continuously scan for fraud activity in historical calls that are linked to the current case. This industry-first, real time look-back technology is available to Pindrop customers as an add-on module to Pindrop Protect.
Try our 30 Day Trial at no cost
Security leaders, fraud strategists, and analysts who are responsible for protecting the contact center from fraud and account takeovers can evaluate our Continuous Scoring module at no cost. Request access to a free, 30 day trial.*
Email [email protected] for more information on the free trial.
*offer ends November 15th, 2024
1Data aggregated across Pindrop Protect customers reflecting confirmed fraud calls detected by Protect and fraud loss prevented based on industry assumptions of average loss per event
2https://www.pindrop.com/blog/pindrop-named-a-winner-in-the-ftc-voice-cloning-challenge
3Federal Trade Commission, Consumer Sentinel Network, Databook, 2024
4TransUnion 2024 State of Omnichannel Fraud Report
5Aite, Contact Centers: The Fraud Enablement Channel, 2016
6Derived from beta of large national bank – alert rate of rescored calls that were fraudulent compared to alert rate of original fraud calls
7Findings from beta of large national bank, implies % of rescored cases that are confirmed to be fraudulent by customer
8Fraud uplift rate extrapolated from beta findings that were then applied to other Pindrop Protect customer call volumes with industry standard assumptions of fraud loss detection and average loss to arrive at the potential savings for a customer with a large call volume
9Findings from beta of large national bank, implies total number of rescored cases relative to the number of cases confirmed to be fraudulent by customer
