Voice security and authentication innovator Pindrop Security will provide fraud detection solutions for Bank of the West. The San Francisco, California-based financial services company with more than $89 billion in assets will leverage the security specialist’s technology to identify and mitigate a variety of cyberthreats including caller ID spoofing, voice distortion, and social engineering.
“Pindrop’s machine learning technology allows us to better know our customers and more effectively protect their assets,” Bank of the West’s Head of Enterprise Customer Experience Patricia Nowak said. “Using emerging technology to better serve our customers is a key initiative for Bank of the West.”
With more than 600 branches and offices in 23 states and digital channels, Bank of the West sees its partnership with Pindrop as part of its broader commitment to leveraging innovative technology to provide customers with a unique and secure experience. In Pindrop, Bank of the West will enhance its ability to proactively defend against fraud while maintaining a seamless customer journey over the voice channel.
“Bank of the West will see an improved customer experience with the implementation of our solutions,” SVP of Product for Pindrop Security Scott Rose said. “These results are made possible by Pindrop’s machine learning technology, which enables improved fraud detection and delivers value to the customer from the very first time they contact the bank.”
Founded in 2011, Pindrop Security demonstrated its Fraud Detection System at FinovateFall 2012. Its anti-fraud and authentication solutions – Pindrop Protect and Pindrop Passport, respectively – leverage the company’s Phoneprinting, Toneprinting, and Deep Voice Biometric Engine technologies to provide call centers with protection against both known cybercriminals as well as suspicious, atypical behavior that could indicate fraudulent activity.
This spring, the company announced that it would provide its Phoneprinting technology to U.K.-based, online retailer Shop Direct to help the company improve customer service and fight fraud. Also earlier this year, Pindrop teamed up with voice solutions provider Aeriandi to make its phone authentication and anti-fraud technology available via Aeriandi’s cloud-based voice platform.
With more than $122 million in funding, Pindrop Security includes Andreessen Horowitz, IVP (Institutional Venture Partners), and CapitalG among its investors. Co-founder Vijay Balasubramaniyan is CEO and CTO.