News
APCON, Pindrop Security help Financial Institutions Fight Malicious Phone Fraud
February 2014 by Marc Jacob
APCON and Pindrop Security announced at the RSA 2014 conference, a new partnership to successfully counter phone fraud by collating and distributing network traffic to critical analytical tools with speed and accuracy.
“Customer service centers are one of the biggest targets for phone fraud, especially in the financial industry. Pindrop Security and APCON combine a wealth of security expertise and monitoring technologies to provide organizations with an awareness of what is happening in all layers of the network,” said Richard Rauch, President and CEO of APCON. “Together we offer actionable intelligence using breakthrough technology and reliable network visibility, supporting financial institutions as they fight back and prevent the loss of millions of dollars.”
According to Pindrop Security’s most recent Phone Fraud Report, one in every 2,500 calls into financial call centers is fraudulent. Phone attackers use social engineering and account manipulation methods to steal money including wire transfers, through Automated Clearing Houses (ACH) and by using cards.
“Like any criminal, fraudsters leave a trail of evidence, making it even more important for organizations to be able to detect that evidence as early as possible,” said Vijay Balasubramaniyan, co-founder and CEO of Pindrop Security. “Integrating APCON’s intelligent network monitoring products with our own ensures that enterprises can manage the data flowing through their networks efficiently by routing the VoIP traffic to the anti-fraud tools without delay or without losing any data.”
