Online cybercrime sometimes concludes with phone fraud, a multimillion-dollar underground enterprise that often targets financial institution call centers to cash in on bank account and other personal information pilfered online. Phone fraud racked up an average of $42,546 in losses per financial account in the first half of 2013, according to new data released today.

One in every 2,500 phone calls to a financial institution call center is a fraud, and each phone fraud call incurs a loss of 57 cents, the report by Pindrop Security says.

"Fifty-seven cents per call surprised us significantly," says Vijay Balasubramaniyan, CEO at Pindrop Security. "If you're a call center getting 1 million calls, that's $570,000 in phone-based account takeovers. We didn't realize it would be that high.

"We're seeing fraudsters stepping up their games, calling these call centers so well-prepared, and going after accounts with a lot of money in them." ... Read full story on Dark Reading


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