SOURCE: Pindrop Security

Pindrop Security

December 04, 2014 09:00 ET

Pindrop Security Identifies Top Phone Scams Affecting Consumers in 2014

Report Finds Credit Card Interest Rate Scam Most Common for First Three Quarters of 2014

ATLANTA, GA--(Marketwired - Dec 4, 2014) - Pindrop Security, the pioneer in phone fraud prevention and call center authentication for banks and enterprise call centers, today announced the release of a new report, "Top Consumer Phone Scams: 2014." The report provides an in-depth analysis of the most common phone scams affecting consumers this year. 

Phone fraud is a multibillion-dollar industry led by professional, organized attackers. Attackers use social engineering and manipulation techniques to extort funds and steal identities from their victims. The scams analyzed in the Pindrop report cost victims from as little as a few dollars to a victim's life savings.

"Each year, consumers lose billions of dollars to telephone scams," said Vijay Balasubramaniyan, co-founder and CEO, Pindrop Security. "With this report, we hope that consumers can become familiar with the techniques and tactics of these scammers and protect themselves from future attacks."

Key findings from the report include:

  • Reduced interest rate scam leads the pack: 18.5% of phone scam complaints tracked by Pindrop were related to scams offering victims reduced interest rates on credit card accounts.
  • Most phone scams involve government or financial services impersonation: 60% of all phone scam complaints involve fraudsters impersonating a financial or government institution, and two of the top 10 scams threaten victims with police action or arrest.
  • Fraudsters quickly adapt scams to current events: Pindrop research identified a surge in complaints related to the popular "Microsoft Tech Support" scam following the announcement that Microsoft would no longer support Windows XP.

Data for the report was collected by Pindrop Security researchers using a proprietary tool that aggregates data on suspicious phone numbers from hundreds of sites, online communities and web forums. Pindrop researchers collected more than 26,000 phone number reports and complaints to discover themes in the data through natural language processing algorithms.

For more information on the top phone scams of 2014 to date, download the report here.

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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.

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