Then, Pindrop Security launched a solution to protect FIs against fraud:
"FFIEC Authentication Guidance recommends out-of-band methods to verify online (web-based) transactions as part of their layered security approach. Most banks use the phone to do this by placing a phone call to verify an online transaction. However, attackers are using fraudulent call forwarding and number porting to redirect this phone call to the attacker's phones.
Pindrop Security is introducing a first-of-its-kind service to protect financial institutions against fraudulent customer out-of-band verification by identifying when a call is reaching a legitimate customer and when the call has been forwarded/ported to a new device."
Product Launched: September 2012
HQ Location: Atlanta, GA
Company Founded: April 2011
Metrics: Pindrop employs 15 people as of September 2012, and we're hiring. We raised $1M in seed funding and have also been granted significant funding through National Science Foundation grants. We have deployed at a Top 5 bank and are engaged in most of the top financial institutions.
Finovate demo video: finovate.com/fall12vid/ (demo video will be posted next week)
Introducing Vijay Balasubramaniyan (CEO) and Matt Anthony (VP Marketing)