How they describe themselves: Pindrop Security provides enterprise solutions that help prevent phone-based fraud. Its acoustical fingerprinting technology detects fraudulent calls and authenticates legitimate callers, helping customers eliminate financial losses and reduce operational costs. Pindrop’s breakthrough technology is the first of its kind to fingerprint individual phone calls, providing verification of caller provenance. Pindrop’s solutions help companies feel more confident in the security of phone-based financial transactions.
How they describe their product/innovation: 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.