UK FIs hit hard by phone fraud, Pindrop

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Financial institutions in the UK are losing more than £20 million each year to fraudsters targeting call centres. According to a new report from Pindrop, the UK suffered double the rate of attacks than the US, experiencing 1 in 700 fraudulent calls in 2015, compared to the 1 in 1,700 in the US.

Using its Phoneprinting technology, Pindrop analysed over 10 million calls to major enterprise call centres in the UK and US. Financial institutions in the UK are losing £0.51 to fraud on every call. For a large call centre receiving 40 million calls per year, this adds up to an average of £20 million every year.

Strong online and mobile security plus the abundance of breach data and availability of chip and PIN means cybercriminals are increasingly exploiting the call centre. Matt Peachey, General Manager, Pindrop EMEA comments: “Our report shows that a criminal will make up to five calls before completing a fraudulent transaction in order to get as much information from agents as possible to then use at a later date across any channel. Call centre agents aren’t fraud experts. They are tasked with providing genuine customers with a great experience and as such are being targeted by criminals making them the weakest line of defence in any attack. By equipping agents with solutions to better identify a suspicious call quickly, they can also prevent the pre-fraud data gathering activities that lead to increased fraud across the phone and other channels.”

By Scott Thompson

IBS Journal
IBS Journal

For 25 years IBS Journal has been an iconic publication that provides a global perspective on banking technology. The monthly publication and the accompanying supplements cover a wide range of subjects pertinent to the financial technology industry worldwide. Each issue includes …
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