After this bank, which manages more than $73 billion in assets, leveraged Pindrop for authentication, the next phase of its customer service delivered deeper fraud prevention.
The Challenge
This bank wanted to understand more about the risky authentication attempts that were targeting its contact center. The bank also wanted to quantify the various types of fraud bad actors were applying.
The Solution
This bank wanted to understand more about the risky authentication attempts that were targeting its contact center. The bank also wanted to quantify the various types of fraud bad actors were applying.
Fraud tactics are evolving quickly
This bank takes responsibility for security across its three business segments – retail banking, commercial banking, and wealth management with the highest level of priority. The bank’s thousands of colleagues focus on helping both individuals and businesses be successful in operating across its markets in Texas, Arizona, California, Florida, and Michigan.
Fraud Prevention
Risk is alerted quickly
Insightful Intelligence
Rapid response foils attacks
Quantify Attack Types
Understand and prevent the risk
Better Together
Results are amplified with two solutions
Curiosity spawns new way to deliver business impact
Customers are at the center of every conversation at this bank. In fact, customer-centricity is the top company value. This has been the case for over 170 years and that focus on customers and why this bank chose Pindrop’s authentication solution for its contact center. With Pindrop Passport in place, this bank became more curious about the calls that had a higher risk value. The contact center leadership was very curious to define exactly how much fraud was occurring in the phone channel. This bank already provides a significant amount of anti-fraud education to its consumers and commercial clients, yet the bank was inspired to pursue even more ways to protect assets and deliver new means of value by enabling Pindrop Protect®.
Pindrop Protect quickly surfaced fraud patterns and volumes that were highly actionable. The user interface is so easy to use, the bank’s fraud analysts can see the details about each call and what factor was influencing the highest risk scores. With the insights from the phone channel that Pindrop Protect provides, the analyst can immediately block transactions and requests from occurring in other channels such as in-app and wire transfers as well as IVR services. In less than one year, the bank measured its ability to prevent fraud attacks on over $56M in assets with Pindrop.
“We have been able to mitigate all types of fraud with Pindrop.”
Vice president of fraud management
Safeguarding never stops
Due to the post-pandemic rise in fraudulent activity, it is typical for a bad actor to attack multiple times and with a variety of methods. With Pindrop Protect, approximately one in five calls into the contact center are flagged for risk. The forms of fraud run the gamut from counterfeit checks, unauthorized transfers, fraudulent check orders, new debit card requests, web banking attacks, and online account transfer fraud.
Thanks to Pindrop’s Advisory Services consulting, the bank’s fraud prevention team is always at the forefront of the latest insights. Together, Pindrop and the bank are constantly innovating and adapting to stay well ahead of fraudsters.
What’s next
The bank and Pindrop will continue to evolve both the authentication and anti-fraud programs to lead the way with the latest best practices to drive even higher business results. By having both Pindrop® Passport and Pindrop® Protect in place, the two solutions amplify the effect of one another. As for the next horizon, the bank will synthesize more of its internal and Pindrop data intelligence to deliver new ways to support the ease of experience for its genuine callers and detect risk across its portfolios.
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