Customer Story

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

Summary

A large regional financial institution is targeted for repeat financial fraud and account takeover attacks via the call center. SecureLogix helps the bank identify fraudlent calls and defeat account takeover attacks saving the bank millions of dollars in fraudulent wire transfers.

“We were losing a lot of money to fraud and our customers were having their accounts compromised …. with we were able to proactively identify and mitigate fradulent calls and call patterns, and greatly reduce our risk to social engineering attacks. ”

Challenge

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.

Solution

Deployment of the SecureLogix® Force Field 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.

Result

The bank prevented more than $400,000 in fraudulent wire transfers in just the first few months following the deployment of the SecureLogix Force Field 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.

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