Deepfake Fraud on the Rise: 60% Surge in Contact Center Attacks

Pindrop has released its 2024 Voice Intelligence and Security Report, offering an in-depth analysis of the increasing threats posed by deepfake technology. The company has also introduced the Pindrop Pulse Deepfake Warranty, a pioneering warranty that reimburses customers for certain losses resulting from undetected synthetic voice fraud in calls analyzed by the Pindrop Product Suite.

"The rapid advancements in AI have transformed deepfakes from a novelty to a serious threat for institutions and consumers alike. 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," said Vijay Balasubramaniyan, Co-Founder & CEO, Pindrop.

The report delves into current security issues and future trends, with a focus on contact centers serving both financial and non-financial institutions.

Surge in contact center fraud 

Fraudulent activities in contact centers have increased by 60% over the past two years, reaching the highest levels since 2019. It is projected that by the end of this year, one in every 730 calls to a contact center will be fraudulent.

Rising sophistication of deepfake attacks 

The use of deepfake technology, including advanced synthetic voice clones, is on the rise, posing a $5 billion fraud risk to U.S. contact centers. This technology is being used to enhance fraud tactics such as automated account reconnaissance, voice impersonation, targeted smishing, and social engineering.

Industry-specific findings 

In addition, the report focused on specific indutries, showing that 68% of U.S. consumers express concern about deepfakes and voice clones in the banking and financial sector.There is an increasing need for innovative tools and strategies to protect banks, credit unions, and high net-worth individuals from sophisticated fraud tactics.

Retail fraud, including refund abuse, has quadrupled among Pindrop's customer call centers in 2023. Traditional manual fraud detection methods are proving inadequate, highlighting the need for advanced fraud prevention and authentication techniques.

Deepfakes, while not new, have become a more potent threat due to advancements in generative AI. Tools like ChatGPT allow fraudsters to create highly targeted and specific attacks, increasing the risk of fraud.

Pindrop Pulse Deepfake Warranty 

Pindrop has unveiled the Pindrop Pulse Deepfake Warranty, a first-of-its-kind warranty, available at no extra cost to customers with a standard three-year subscription to the Pindrop Pulse technology.

The Pindrop Pulse Deepfake Warranty underscores Pindrop's confidence in its technology and commitment to maintaining voice integrity by offering customers reimbursements for synthetic voice fraud events undetected by the Pindrop Product Suite. This warranty not only enhances trust but also drives ongoing innovation, as feedback from warranty claims helps Pindrop stay ahead of emerging 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. The warranty backs up the efficacy of our technology, as well as our customers' investment in combating deepfakes," said Rahul Sood, Chief Product Officer, Pindrop.

Last year, Pindrop made its suite of voice authentication solutions available on Google Cloud Marketplace, enabling organizations to deploy advanced voice authentication and fraud solutions on a secure cloud infrastructure.