PSCU Partners with Pindrop to Fight Increasing Threat of Call Center Fraud

PSCU Partners with Pindrop to Fight Increasing Threat of Call Center Fraud

CUSO adopts innovative platform to mitigate emerging fraud type

St. Petersburg, FL (March 7, 2017)  PSCU , the nation¹s leading credit union service organization, has announced a partnership with Pindrop , a pioneer in voice security and caller authentication, to identify and prevent call center authentication fraud. Call center fraud happens when criminals use the phone channel to impersonate consumers to gain access to their account funds and sensitive data. PSCU is the first credit union service provider to utilize Pindrop¹s proprietary platform for fighting call center authentication fraud.

³Through our partnership with Pindrop, PSCU continues to protect members by investing in risk management and advanced fraud detection solutions aimed at driving down fraud losses and improving the member¹s identity authentication experience,² said Chuck Fagan, PSCU President and CEO. ³The technology from Pindrop adds yet another layer of security and intelligence to our industry-leading risk management protocol to detect and prevent fraud.²

³PSCU¹s fraud detection and prevention resources stopped $146 million in fraudulent transactions last year,² said Jack Lynch, PSCU SVP and Chief Risk Officer. ²The partnership with Pindrop will help toughen our resistance to this emerging fraud threat in the voice channel. Our investment in new risk management technology is a key component of PSCU¹s mission to support, protect and optimize every transaction we have with our Owner¹s members.²

³We are excited about the partnership and we look forward to supporting PSCU¹s commitment to service excellence by protecting their Owners and members against the increasing fraud threats that target call centers,² said Michael Hughes, Pindrop Vice President, Americas. ³Over 61 percent of fraud starts with a phone call and the voice channel accounted for more than $10 billion in fraud last year in the U.S. PSCU is a proven leader in fraud and risk management best practices and we are proud to have the Pindrop technology as an integral component of their overall member authentication and risk management strategy.²

Pindrop¹s patented Phoneprinting^TM technology analyzes calls to identify malicious behavior and verify legitimate members. The partnership with Pindrop enables PSCU to give its Owners increased peace of mind by identifying fraud attempts early on, which reduces costs associated with the fraud lifecycle. Additionally, PSCU will be able to streamline the member¹s authentication experience to enable faster issue resolution time through the voice channel.

Pindrop¹s platform analyzes nearly 150 characteristics of a call to create a unique audio ³fingerprint,² which reveals the type of phone the caller is using (mobile, landline or Voice over IP), the geographic location of the call¹s origin and whether the caller has been ³seen² before. Pindrop¹s technology stops 80 percent of all phone fraud with less than a 1 percent false positive rate.

³Our Owners expect our call centers to protect them from fraudulent callers, and we must implement solutions that quickly and accurately validate incoming calls,² added Lynch. ³Pindrop¹s technology will help us add even more value to our fraud protection services and improve the overall member experience.²

About PSCU

Established in 1977, PSCU (St. Petersburg, Fla.) is the nation's leading credit union service organization (CUSO). The company was recognized as CUSO of the Year in 2016 by the National Association of Credit Union Service Organizations. PSCU¹s products, financial services solutions and service model collectively support over 850 Owner credit unions representing more than 20 million credit, debit, prepaid, online bill payment and mobile accounts; protect over 2 billion transactions annually from fraud; and optimize credit union performance and growth. Comprehensive 24/7/365 member support is delivered through call centers located throughout the United States. For more information, visit www.pscu.com .

About Pindrop
Pindrop is the pioneer in voice security and authentication. Pindrop provides enterprise solutions to reduce fraud losses and authentication expense for some of the largest call centers in the world. Pindrop¹s patented Phoneprinting technology helps identify, locate and authenticate phone devices uniquely from the call audio, thereby detecting fraudulent calls as well as verifying legitimate callers. Pindrop has been selected by the world¹s largest banks, insurers, brokerages and retailers, detecting over 80 percent of fraud. Pindrop¹s solutions are allowing customers to reduce call time and improve their customer's experience even while reducing fraud losses. Pindrop was founded in 2011 and is venture backed by Andreessen Horowitz, CapitalG, Citi Ventures, Felicis Ventures, GV and IVP. To download Pindrop¹s 2016 Call Center State of Fraud Report click here.