APCON Partners with Pindrop to Help Financial Institutions Fight Malicious Phone Fraud

By Mandira Srivastava, TMCnet Contributor

Every year, thousands of people lose money due to phone fraud— from a few dollars to their life savings. Many telecom operators have increased measures to minimize fraud and reduce their losses.

With the hope to prevent phone fraud, APCON (News - Alert), the most comprehensive and intelligent network monitoring solution Fortune 1000 companies and service providers, and Pindrop Security, the pioneer in phone fraud prevention and call center authentication for banks and enterprise call centers, has announced a new partnership.

This new partnership will to successfully counter phone fraud by collating and distributing network traffic to critical analytical tools with speed and accuracy.

Richard Rauch, President and CEO of APCON, said in a statement, “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 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.”

The recent phone fraud report by Pindrop Security reveals that one in every 2,500 calls into financial call centers is fraudulent.

Phone (News - Alert) attackers are very good to use social engineering and account manipulation methods to target the victim. In fact, the phone is their favorite way to reach you and 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.”

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