Financial Institution Saves $400,000 in Financial Fraud After 3 Months


A large regional financial institution and its customers were victims of phone-based financial fraud and account takeover attacks inside the bank’s national contact center operation. The perpetrators employed social engineering tactics to pry private account holder information from contact center agents. Armed with this stolen account information, the criminals fraudulently represented themselves as legitimate account holders, and executed numerous fund transfers into their criminal accounts. 


Deployment of the SecureLogix® voice security solution empowered the bank to identify calling patterns indicative of fraud in real-time, redirect these suspected fraud calls to senior fraud agents, and record the conversations of each of the fraud callers.  


The bank prevented more than $400,000 in fraudulent wire transfers in just the first few months following the deployment of the SecureLogix solution. The bank now uses the recorded fraud calls as evidence in prosecuting perpetrators, and to train its contact center staff to better recognize social engineering schemes and tactics.