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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.