The 2023 Pindrop Voice Intelligence & Security Report | Pindrop

REPORT

2023 Voice Intelligence & Security Report

Pindrop Labs analyzed its customers’ contact center call and fraud data over a five year period and found a 40% increase in fraud in 2022, and expects this trend to continue in 2023. Fraudsters are attacking the contact centers and consumers with advanced techniques while creating complex execution networks. In 2023, businesses need to reimagine their fraud detection and authentication processes and figure out how to catch fraud more holistically.

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2023 Voice Intelligence & Security Report

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  • Financial institutions are bearing the brunt: In 2022, fraud rates were 1 in 749, which is gradually increasing back to 2019 call levels of 1 in 686 as fraudsters start to return to the contact center.
  • Fraudsters leverage Knowledge Based Authentication (KBA): Fraudsters use data breaches to weaponize KBAs and successfully answer those 40-80% of the time. On the other hand, Pindrop customers who switched from KBAs to multifactor authentication, saved an aggregate of $4M a month.
  • IVR Reconnaissance is a major threat: Fraudsters are hammering the IVR with data acquired from the dark web resulting in 10x more risky activity in the IVR than at the agent leg. Once fraudsters identify a target account, they go after it repeatedly and quickly while sharing the data with other fraudsters. 

About Pindrop

Pindrop solutions are leading the way to the future of voice by establishing the standard for identity, security, and intelligence for voice interactions. Pindrop solutions help protect some of the biggest banks, insurers, and retailers in the world using patented technology that extracts intelligence from the calls and voices encountered.

Pindrop Security, Inc., a privately held company headquartered in Atlanta, GA, was founded in 2011 by Dr. Vijay Balasubramaniyan, Dr. Paul Judge, and Dr. Mustaque Ahamad. Pindrop is venture-backed by Andreessen Horowitz, Citi Ventures, Felicis Ventures, CapitalG, GV, IVP, and Vitruvian Partners.

For more information, please visit pindrop.com →