Lloyds Banking Group will be the first European institution to use “phone printing” technology to help fight fraud. The technology comes courtesy of Pindrop Security, which has developed a solution that creates an “audio fingerprint” that makes it easier to spot the kind of unusual behavior that can be the first clue that fraudulent activity is taking place.
“Our Phoneprinting technology is highly resilient and very quickly identifies and analyses a call’s audio to indicate if a caller is suspicious,” says Matt Peachey, Pindrop’s VP and GM International. “This shines a spotlight on fraudulent activity before it becomes an issue—both for the organization and the customer—and also helps ensure a positive customer experience.”
CEO, CTO, and founder Vijay Balasubramaniyan demonstrated Pindrop’s Fraud Detection System at FinovateFall 2012.
The technology uses 147 unique call features such as location, number history, and call type to defend against many common fraud tactics such as ID spoofing, voice distortion, and social engineering. Lloyds Banking Group will deploy the technology across its Lloyds Bank, Halifax, and Bank of Scotland brands in early 2017. “Protecting our customers, their money and their information is our priority. Investing in ground-breaking technology is just one of the many ways we are able to remain a step ahead of potential fraudsters,” Lloyds Banking Group MD Martin Dodd explained. “Our partnership with Pindrop will enable us to further strengthen our multilayered defenses and allow us to continue to lead the industry in this important area.”
Writing about Lloyds Banking Group for Banking Technology, Antony Peyton noted that the firm has been on a fintech innovation streak of late. At its Bank of Scotland subsidiary, the firm this week unveiled “selfie technology” to enable customers to open current accounts online using their smartphones. CNBC reported that when Lloyds initially trialed Pindrop’s technology, the solution accurately identified fraudulent calls 85% of the time. The success rate has since reached 95%.
Founded in 2011 and headquartered in Atlanta, Georgia, Pindrop Security demonstrated its Fraud Detection System at FinovateFall 2012. The company has raised more than $122 million in funding, most recently picking up $75 million in a Series C investment in January. Vijay Balasubramaniyan is CEO, CTO, and founder.