PYMNTS-MonitorEdge-May-2024

PSCU Combats Call Center Fraud With Pindrop

Credit union service provider PSCU recently announced a proactive partnership to fight against call center fraud — the act of a criminal impersonating a consumer or consumers via phone channels as a means to acquire access to sensitive account data and funds.

PSCU has joined with voice security and authentication platform provider Pindrop, a leader in the industry. Pindrop provides enterprise solutions to combat fraud, while decreasing authentication expense and fraud loss for some of the largest call centers in the world. PSCU is the first credit union service provider to leverage Pindrop’s platform.

“Through 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 member’s identity authentication experience,” said Chuck Fagan, PSCU president and CEO, in a release. “The technology from Pindrop adds yet another layer of security and intelligence to our industry-leading risk management protocol to detect and prevent fraud.”

Pindrop data shows that incidents of voice fraud have risen 45 percent in the last two years, while related fraud loss has risen by 14 percent in the same period. The voice channel accounted for more than $10 billion in fraud last year in the U.S., said Michael Hughes, VP, Americas at Pindrop.

“We are excited about the partnership, and we look forward to supporting PSCU’s commitment to service excellence by protecting their owners and members against the increasing fraud threats that target call centers,” Hughes said in a release. “PSCU is a proven leader in fraud and risk management[’s] best practices, and we are proud to have the Pindrop technology as an integral component of their overall member authentication and risk management strategy.”

Through its products and financial services solutions, PSCU reports supporting over 850 owner credit unions — valued at $20 million in credit, debit, prepaid, online bill payment and mobile accounts. The credit union service provider reports protecting over 2 billion transactions from fraud each year.

PYMNTS-MonitorEdge-May-2024