Pindrop helps PSCU fight call center fraud
PSCU, the nation’s leading credit union service organization, has announced a partnership with Pindrop to identify and prevent call center authentication fraud. PSCU is the first credit union service provider to use Pindrop’s platform for fighting call center authentication fraud.
“Through our partnership with Pindrop, PSCU continues to protect members by investing in risk management and advanced fraud detection solutions aimed at driving down fraud losses and improving the member¹s identity authentication experience,” said Chuck Fagan, PSCU president and CEO. “The technology from Pindrop adds yet another layer of security and intelligence to our industry-leading risk management protocol to detect and prevent fraud.”
Pindrop’s patented phoneprinting technology analyzes calls to identify malicious behavior and verify legitimate members. The partnership enables PSCU to give its owners increased peace of mind by identifying fraud attempts early on, which reduces costs associated with the fraud lifecycle. Additionally, PSCU will be able to streamline the member’s authentication experience to enable faster issue resolution time through the voice channel.
Pindrop’s platform analyzes nearly 150 characteristics of a call to create a unique audio “fingerprint”, which reveals the type of phone the caller is using (mobile, landline or Voice over IP), the geographic location of the call’s origin and whether the caller has been seen before. Pindrop’s technology stops 80 percent of all phone fraud with less than a 1 percent false positive rate.
“We are excited about the partnership and we look forward to supporting PSCU’s commitment to service excellence by protecting their Owners and members against the increasing fraud threats that target call centers,” said Michael Hughes, Pindrop vice president, Americas. “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. 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.”