The spread of misinformation, financial losses, and damaged reputations are among the critical concerns projected to escalate due to the proliferation of deepfakes and the advancement of generative AI tools.

Pindrop, a leader in voice authentication and fraud detection technology, unveiled its 2024 Voice Intelligence and Security Report. This extensive analysis highlights the escalating threats posed by deepfake technology and offers vital insights into the rapidly evolving security landscape. Alongside the report, Pindrop also introduced the Pindrop^Ⓡ Pulse Deepfake Warranty—the first-of-its-kind warranty to reimburse Pindrop customers for certain losses incurred due to undetected synthetic voice fraud on eligible calls analyzed by the Pindrop Product Suite.

The report provides a deep dive into pressing security issues and future trends, particularly within contact centers serving financial and non-financial institutions. Key findings in the report include:

Significant Increase in Contact Center Fraud: Contact center fraud has surged by 60% in the last two years, reaching the highest levels since 2019. By the end of this year, one in every 730 calls to a contact center is expected to be fraudulent.

Increasing Sophistication of Attackers Using Deepfakes: Deepfake attacks, including sophisticated synthetic voice clones, are rising, posing an estimated $5 billion fraud risk to U.S. contact centers. This technology is being leveraged to enhance fraud tactics such as automated and high-scale account reconnaissance, voice impersonation, targeted smishing, and social engineering.

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Industry-Specific Insights:

• Banking and Financial Sector: U.S. consumers are highly concerned about the risk of deepfakes and voice clones, with 67.5% of those polled expressing anxiety about these threats in banking and the financial sector.
• High Net-Worth Individuals: Banks, credit unions, and high net-worth individuals are increasingly targeted via sophisticated fraud tactics, highlighting the need for innovative tools and strategies to establish an effective fraud prevention framework.
• Retail Sector: Retail fraud, including refund abuse, has quadrupled among Pindrop’s customer call centers through 2023. Traditional manual fraud detection and authentication systems are proving ineffective, necessitating advancements in fraud prevention and authentication methods.

“The rapid advancements in AI have transformed deepfakes from a novelty to a serious threat for institutions and consumers alike,” said Pindrop Co-Founder & CEO Vijay Balasubramaniyan. “Generative AI fundamentally breaks trust in commerce, media, and communication. Attackers are using sophisticated AI tools at an alarming rate. We need good AI to beat bad AI.”

While deepfakes are not new, advancements in generative AI have made them a potent vector over the past year. Using tools like ChatGPT, fraudsters can now create more targeted and individual-specific attacks, creating an elevated risk of fraud.

Demonstrating its leadership in the industry, Pindrop is proud to introduce the Pindrop^Ⓡ Pulse Deepfake Warranty, underscoring the company’s unwavering confidence in its technology and commitment to voice integrity.

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The Pulse Deepfake Warranty is a pioneering security operations warranty tailored for contact centers. This exclusive benefit, available at no additional cost to Pindrop customers with a standard three-year subscription to the Pindrop Pulse technology as part of the Pindrop Product Suite, offers several key advantages:

• Enhanced Trust: The Pulse Deepfake Warranty demonstrates Pindrop’s confidence in its products and technology, offering customers a trustworthy security solution when servicing their account holders.
• Loss Reimbursement: Pindrop customers can receive reimbursements for synthetic voice fraud events undetected by the Pindrop Product Suite.*
• Continuous Improvement: Pindrop customer requests received under the warranty program help Pindrop stay ahead of evolving synthetic voice fraud tactics.

“Pindrop’s deepfake detection technology has demonstrated a 99% detection rate with a false positive rate of less than 1%. So our customers should be confident that very few deepfake frauds, if any, will get through in the first place,” said Pindrop’s Chief Product Officer Rahul Sood. “The warranty backs up the efficacy of our technology, as well as our customers’ investment in combating deepfakes.”

These latest announcements come following an instrumental year for Pindrop, including the launch of Pindrop Pulse, which played a crucial role in identifying the TTS engine used in the recent President Biden robocall attack.