Case Study: a fortune 500 insurance company saves $1.2M with Pindrop fraud protection

a major insurance company saves $1.2M with Pindrop

A Fortune 500 insurance company faced significant account takeover fraud after a 2015 "whaling" attack, which exposed its outdated and manual authentication methods. The company's challenge was to improve security in its call center, which lacked sophisticated fraud controls and was prone to breaches. To address this, the company turned to the vendor Pindrop and implemented its anti-fraud solution.

By deploying Pindrop's solutions, including Protect for real-time fraud detection and Passport for passive multi-factor authentication, the company enhanced security and streamlined the customer experience. The results were substantial, with Pindrop helping the company save $1.2 million in operational costs, protect $38 million in customer assets, and stop $1.6 million in fraudulent disbursements. The solution also drastically increased the detection of fraudulent calls and improved authentication rates for legitimate customers.