If you have further questions, or would like to hear how SmartIPX can help your business make the best use of these, please contact us.
In the run up to the all important Xmas/New Year period when fraudulent activity is at its peak, our Q4-2016 fraud report explores the growth in attack vectors and destinations throughout 2016 and suggests ways in which you can keep yourself and your customers safe over the festive period.
The arrival of new fraud destinations during Q3 2016 demonstrates that telcos cannot afford to drop the ball for a second when it comes to fighting against fraud. Fraud negatively impacts consumer and commercial customers alike; pushing up costs, funding crime and in more recent times, terrorism. The geography of new attack vectors shows that business must remain ever vigilant in order to protect their voice margins and brand reputation – if you’re not fighting fraud, you could actually be facilitating it by inaction.
Telecom fraud continues to be a lucrative criminal business and an attractive target for fraudsters. At the i3 forum’s 7th annual conference last May, Robert Benlolo of Tata Communications highlighted the financial implications of telecoms fraud in a stark presentation in which he made it clear that of the total $2.25 trillion of global telecom revenue, a staggering $38.1bn is lost to fraud annually – a 2% revenue loss across the industry as a whole.
One of the key findings in the CFCA survey is that the global cost of fraud has dropped by 18% from the previous survey in 2013 and now stands at $38.1 billion (USD). One of the reasons being given for this is better fraud monitoring and more communications between carriers.
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