Pindrop enables European enterprises to defend against telephony and cross channel fraud attacks

Pindrop announces the availability to purchase of its new European-based cloud offering, including the Pindrop Protect and Pindrop Passport solutions.

These proven solutions will enable European enterprises to defend against telephony and cross channel fraud attacks to reduce fraud loss and deliver user authentication to streamline the customer experience and reduce operational costs.

Pindrop Protect is a real-time fraud protection solution that analyses calls coming into call centres to detect for indicators of attempted fraud via anomalous voice, device, and behaviour characteristics.

Proven to detect up to 80% of phone fraud in real-time, Pindrop Protect reduces the risk of financial loss before a fraudulent transaction can take place.

Included in this new cloud offering is Pindrop Protect IVR, a capability that helps organizations monitor and measure risk across inbound calls and customer accounts. The solution predicts which accounts are most at-risk and gives up to a 60-day advanced warning before an attack.

By monitoring the IVR, along with contact center calls, Pindrop Protect IVR calculates an account risk status, indicating the likelihood of an account takeover. Simultaneously all inbound calls are monitored for call risk and provide a score that indicates an active threat.

These scores can be integrated through APIs to provide enterprises intelligence without disrupting existing systems and workflows seamlessly.

Pindrop Passport enables call centres to quickly authenticate users to deliver enhanced personalisation and customer experience for the caller while simultaneously reducing overall call handling times, leading to greater operational efficiencies and cost savings for the call centre.

Using risk criteria and multi-factor credentials passively extracted from the call as it happens, Pindrop Passport gives call centre agents and IVR’s confidence in the validity of the caller’s identity throughout the lifecycle of the call.

The launch of Pindrop’s European cloud-based anti-fraud and authentication product suite comes as enterprises across Europe have changed their approach and moved to adopt cloud-based offerings in order to embrace the fully remote call centre, support a decentralised workforce, and effectively manage the increased volume of inbound calls due to the COVID-19 pandemic.

According to the Voice Intelligence & Security Report 2021, some organizations saw call volumes grow by more than 800% in the second half of 2020, with the average call duration increasing by 14% and call waiting times increasing by an additional 11 minutes.

“Following a year of unprecedented change, we see an increasing move by organizations in multiple industries to embrace a cloud-based approach in their call centre operations.

“Organizations realize that the days where they have to rely upon cost and maintenance-heavy on-premise solutions are gone, and they can achieve greater efficiencies and results with this more flexible cloud model.

“To meet this demand, we are now able to offer a European-based cloud service to support organizations, such as those in the financial sector who also require their cloud services to be based in region due to regulatory requirements,” said Vijay Balasubramaniyan, Pindrop’s CEO.

In recent commissioned research conducted by Forrester Consulting on behalf of Pindrop that looked at the impact of COVID-19 on call centres in EMEA, 59% of survey respondents found fraud attacks had increased with the subsequent impact on the bottom line rising for 61% of survey respondents.

Vijay Balasubramaniyan continues: “Financial fraud can negatively impact not only the bottom line but also an organization’s brand reputation and the customer experience.

“As organizations typically focus on securing the digital and online channel when seeking to stop fraud, it is the savvy fraudsters that are taking advantage of the unprotected IVR to commit financial fraud.

“By working together and embracing new technologies delivered by the cloud to identify fraudulent activity, while improving genuine customers’ experience with faster and smoother authentication, we can reduce the impact of fraud experienced by enterprises in Europe.”

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