Credit union service organization PSCU has teamed with voice security and caller authentication provider Pindrop to identify and deter call center fraud. PSCU is the first credit union service provider to adopt Pindrop’s platform. The announcement was made on the second day of LendIt in New York City.
“PSCU’s fraud detection and prevention resources stopped $146 million in fraudulent transactions last year,” PSCU SVP and chief risk officer Jack Lynch said.” 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.”
“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.,” Pindrop vice president, Americas Michael Hughes said. “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 Phoneprinting technology analyzes nearly 150 characteristics to create a unique audio “fingerprint” which also includes phone type, geographic location, and whether or not the customer has been “seen” before. It stops 80 per cent of all phone fraud while generating a sub-one per cent false positive rate, the company said.