SOURCE: Pindrop Security

February 03, 2014 09:00 ET

Pindrop Security Achieves Record Growth in 2013 Fueled by Rising Phone-Based Fraud

Anti Phone Fraud Provider Emerges as Market and Technology Leader, Begins 2014 With Growing Momentum

ATLANTA, GA--(Marketwired - Feb 3, 2014) - Pindrop Security, the pioneer in phone fraud prevention and call center authentication for banks and enterprise call centers, today announced a record 2013. Pindrop's success in stopping social engineering account takeover attacks in the phone channel has fueled strong revenue growth, substantial growth in customers, and doubling in employee headcount from end-of-year 2012. The company also experienced excellent field results, stopping millions of dollars in customer fraud losses and achieving a 100% close rate in proof-of-concept trials.

Pindrop Security's patent-pending Phoneprinting™ technology detects the tricks and techniques used by criminals to mask their location and true identity. Pindrop allows banks and other enterprises to reveal the attackers and prevent the loss. Pindrop's phoneprinting is the first solution to allow call audio analysis and social engineering detection.

"Financial institutions have seen a significant increase in phone-based fraud," said Vijay Balasubramaniyan, co-founder and CEO of Pindrop Security. "Pindrop's momentum in 2013 can largely be credited to our patent-pending solution that can detect anomalies in phone calls that other solutions aren't able to see."

Additional 2013 highlights include:

  • Funding from Top-tier Investors: Closing an $11 million Series A round of financing in June 2013, led by Andreessen Horowitz with additional investment from Citi Ventures, Webb Investment Network, Redpoint, and Felicis Ventures;
  • Expanding Experienced Management Team: Building out the core team with significant additions to the sales, development and research teams, including Michael Hughes, formerly of NICE Actimize, to head Sales, Greg Adams, formerly of IBM and HP, to lead Product Management, and Matt Garland, formerly of Nexidia, to run Client Architecture and Support;
  • Customer Growth: Addition of two of the top four US banks and two of the top three brokerages as customers;
  • Industry Awards and Recognition:
    In February, Pindrop was recognized by SC Magazine as Rookie Security Company of the Year at the RSA Conference in San Francisco; Co-Founder and CEO Vijay Balasubramaniyan was recognized by MIT Tech Review as one of their "35 under 35" inventors; Selection by the Security and Innovation Network (SINET) as a SINET 16 Innovator.

Online Resources

  • Download a copy of the Pindrop Security Phone Fraud report here
  • Follow Pindrop Security on Twitter
  • Visit our blog

About Pindrop Security
Pindrop Security, headquartered in Atlanta, Ga., is a privately-held company that provides enterprise solutions that help prevent phone-based fraud. Its breakthrough phoneprinting technology can identify phone devices uniquely just from the call audio thereby detecting fraudulent calls as well as authenticating legitimate callers. We have helped enterprises eliminate financial losses and reduce operational costs on their phone channel. Pindrop's customers include two of the top five banks and one of the leading online brokerages. Named SC Magazine 2013 Rookie Security Company of the Year, a Gartner "Cool Vendor" in Enterprise Unified Communications and Network Services for 2012 and one of the 10 Most Innovative Companies at the 2012 RSA conference, Pindrop Security's solutions restore enterprises' confidence in the security of phone-based transactions.

Contact Information

  • Media Contact
    Fitzgerald Barth
    LEWIS PR for Pindrop Security
    (415) 432-2457
    Email Contact