Lloyds Banking Group is to be the first organisation in Europe to use 'Phoneprinting' tech from Pindrop to identify fraudulent callers to its contact centres across the Lloyds Bank, Halifax and Bank of Scotland brands.
Pindrop's Phoneprinting technology creates an 'audio fingerprint' of each call by analysing 147 unique call features - such as location, background noise, number history and call type - to highlight unusual activity, identify potential fraud and stop criminal callers.
Pindrop was founded in 2011 and is venture backed by Andreessen Horowitz, Citi Ventures, Felicis Ventures, Google Capital, GV and IVP. The company says installations of its technology in US call centres has helped detect over 80% of fraudulent calls.
The contract with Lloyds follows the publication of Pindrop research earlier this year which revealed that one in 700 calls to UK financial institutions are fraudulent.
Martin Dodd, group telephony MD, Lloyds Banking Group says: “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.”