PSCU blocks $1 million in fraud in one month using Pindrop technology
Credit union service organization PCSU announced that it is extending Pindrop’s call center authentication technology to all of its owner credit unions, building on a partnership which has identified hundreds of fraudulent calls since PCSU began testing Pindrop in Q4 2017.
More than 300 cases of confirmed fraud were caught by Pindrop’s authentication solution in the first month of the test, allowing PCSU to proactively block the attempts, and generate an estimated $1 million in savings, based on an average credit limit of between $3,000 and $4,000.
Pindrop’s Phoneprinting technology analyzes the full audio of a phone call to help call centers identify malicious behavior and verify legitimate callers.
“Over 61 percent of fraud starts with a phone call,” said Michael Hughes, Pindrop Vice President, Americas. “PSCU’s Owner credit unions already experience below card industry average fraud. With new strains of call center fraud emerging constantly, we will continue working closely with PSCU to implement Pindrop’s technology to prevent unauthorized access to member accounts through the voice channel on behalf of Owner credit unions across the country.”
Roughly one out of 937 calls is fraudulent, according to Pindrop.
Previously reported, Pindrop launched its deep neural network-powered Deep Voice biometric engine in January.