Pindrop Security, a startup that aims to prevent and protect against phone-based fraud, has raised $1 million in funding from Andreessen Horowitz, GRA Venture Fund, New World Ventures, Sigma Partners, and Webb Investment Network led by former eBay COO Maynard Webb. Angel investors Paul Bricault, Kevin Donahue, and Ben Ling also participated in the round.
Pindrop says that phone fraud is a serious security problem for both enterprises and individuals. For example, credit card users activate their card using their phone and on the bank’s end, Caller-ID or Automatic Number Identification (ANI) is used to determine if it is the right customer. However, Pindrop says this information is limited and can be easily manipulated, leaving such services completely broken.
The startup has developed a caller-ID product that helps detect, report and mitigate phone fraud by identifying key attributes of any phone call including the device used (based on audio analysis), ID, call path, and geographic point of origin. Pindrop says that its technology essentially creates a “fingerprint” that helps clients identify and avoid fraud.
Pindrop offers threat intelligence service that includes a detailed database of fraudulent callers in the world as well as analysis and predictive tools to track phone number reputation as well as a technology that analyzes phone calls to identify fraud by determining the true geographic origin and phone type.