Lloyds to create audio footprint to identify fraudsters

Posted by Jasmin Stopford in Identity Theft on 14 October 2016 - Jasmin is a Credit Analyst at checkmyfile

As the fraud epidemic continues to soar, Lloyds Banking Group will invest in new technology to highlight potential telephone scammers.

An ‘audio fingerprint’ analyses 147 unique call features within 30 seconds to establish location, background noise, number history and call type. If anything appears out of the ordinary, the ‘fingerprint’ is flagged for the bank to catch fraudsters out.

Martin Dodd of Lloyds says, “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 has teamed up with fraud experts Pindrop, and its phone printing technology, as their system has prevented millions of dollars of fraud in the USA.

Lloyds says that there is no need for customers to provide additional information but additional measures, such as the ‘audio fingerprint’, need to be put in place after Britain lost an astounding £755m to financial fraud during 2015.

Currently, fraudsters attempt to disguise their calls using multiple methods such as ID spoofing, voice distortion and internet-based lines. Pindrop are convinced that their system will be able to weed out the fraudsters by using their basic analysis, in a bid to battle against any counterfeit activity.

Mike Haley of fraud prevention service CIFAS explains, “It’s important for consumers to remain vigilant and proactive in protecting themselves against fraudulent activity. While many people opt to use online banking methods, there is still a requirement for a telephone conversation and this channel cannot be left to become the weakest link.”

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