FB pixel

Voice fraud spike driven by breaches and increasing use

Voice fraud spike driven by breaches and increasing use
 

Incidents of voice fraud climbed by 350 percent from 2013 to 2017, and increased 47 percent in 2017 to reach 1 in every 638 calls, according to a new report from Pindrop.

The Pindrop Voice Intelligence Report suggests that the development of new voice technology, the frequency of data breaches, and multi-channel fraud are driving the increase. Fraudsters are leveraging new technologies, including machine learning and artificial intelligence, and techniques such as imitation, replay attacks, voice modification software and voice synthesis to defeat security systems.

“The opportunity for voice to serve as a primary interface is becoming a reality due to integrations with IoT devices, the take-off of voice assistants and more,” said Pindrop CEO Vijay Balasubramaniyan. “In turn, advanced voice technology is falling into the hands of bad actors and we’re seeing a dramatic spike in voice fraud.”

Voice security costs $14 billion per year, according to the report, and the total amortised loss per call is calculated to be $0.58.

The insurance industry suffered the greatest increase in fraudulent calls from 2016 to 2017, at 36 percent. This was followed by the banking industry, which received 20 percent more fraud calls, retailers (15 percent), and card issuers (14 percent), while fraud calls to brokerages increased only 4.5 percent.

Despite the threat of fraud, a recent Pindrop survey shows business leaders are racing to add voice capabilities to their products and services in order to give them the competitive advantage of an improved customer experience. Pindrop recently launched an instant authentication technology for call centers based on phone network forensics.

Article Topics

 |   |   |   | 

Latest Biometrics News

 

Financial fraud prompts $14M digital identity intelligence investment, calls for action

Financial institutions and regulators continue to invest in anti-fraud and identity verification. Barclays has invested in anti-fraud platform Heka as…

 

Age estimation at the shop, age verification online: France laws tested with questions

In France, age assurance tools are showing up online and at retail vendors selling age restricted products, prompting questions from…

 

Ofcom planning more safety measures to tackle addictive design

It has been noted previously in these pages that the UK is looking to be taken seriously in pursuing its…

 

OFIQ community reviews early results of biometric quality assessment tool

The standardization of image quality for face biometrics is a major step towards making population-scale biometric systems functional, and as…

 

New binocular iris scanner from IriTech designed for high volume use cases

Iris recognition provider IriTech, Inc. has announced the launch of the IriAegis-BK, a binocular iris scanner designed for high-throughput biometric…

 

Laos begins integrating digital ID cards into public agencies

Government agencies in Laos have received the order to begin integrating the country’s chip-enabled identity cards and citizen databases. Ministries,…

Comments

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Biometric Market Analysis

Most Viewed This Week

Featured Company

Biometrics Insight, Opinion

Digital ID In-Depth

Biometrics White Papers

Biometrics Events