CHARLOTTE, N.C. — The Bank of Montreal saw improvements in its fraud monitoring once it started using the Pindrop platform and banking consortium data in its workflow.

Pindrop is a fraud analytics platform that uses voice and artificial intelligence (AI) technologies with a risk database to detect fraudsters, spoofing and phishing attempts in the contact center, according to its website.

The data comes from a consortium that shares fraud and security issues under the Canadian Personal Information Protection and Electronic Documents Act (PIPEDA), which allows data sharing to protect the public interest, particularly for fraud prevention.

The $805.9 billion BMO builds custom solutions for many platform services, but when it came to fraud, the bank wanted to purchase a tool that was “more industrial strength,” said Victor Tung, U.S. chief technology and operations officer and chief information and operations officer for BMO Capital Markets. Tung spoke as part of a panel on automation ideas at the Bank Automation Summit on Tuesday.

The tool also had to operate with BMO’s API gateway so the fraud tool could tap into the bank’s services.

“We started leveraging Pindrop data, and some consortium data, and we eventually plug that into our workflow,” Tung said. “We have some automation AI on top of it. We saw great, great uplift” in fraud detection.

BMO is currently advertising for a manager who specializes in Pindrop to join the bank’s financial crime unit and provide consulting on analytics.