Lloyds introduces new phone fraud tech
Written by Chris Lemmon
Lloyds Banking Group has collaborated with security firm, Pindrop, to roll out the latest telephone fraud prevention technology, which creates an ‘audio footprint’ of each call by analysing 147 unique call features such as location, background noise, number history and call type.
The Phoneprinting technology highlights any unusual activity, identifies potential fraud cases and flags up any potential criminal activity – without the need for customers to provide any additional information.
Financial Fraud Action research has shown that consumers lost £755 million to financial fraud across the UK financial services industry in 2015, while recent Pindrop research found that one in 700 calls to UK contact centres is fraudulent.
The solution boasts protection from the newest fraudster tactics, including caller ID spoofing, voice distortion and social engineering. The group is also committed to gathering and sharing intelligence with the government’s Joint Fraud Taskforce, to help tackle the issue of financial fraud in the UK.
Martin Dodd, group technology managing director at Lloyds Banking Group, said: “Protecting our customers, their money and their information is our priority and investing in ground-breaking technology is just one of the many ways we are able to remain a step ahead of potential fraudsters.
“Our partnership with Pindrop will enable us to further strengthen our multi-layered defences and allow us to continue to lead the industry in this important area.”
Lloyds will introduce the software across the Lloyds Bank, Halifax and Bank of Scotland brands early next year.