Fortunately, ComReg, the Commission for Communications Regulation in Ireland, found Imagine not responsible for the losses and therefore they didn’t need to pay the bill, but did recommend that Imagine get proactive about their fraud prevention. They didn’t need telling twice.
Says Michael Toms: “We immediately started looking for a solution. Up until the attack we’d thought that our current practices could see us through, but it was abundantly clear that they weren’t.”
Imagine soon came across SmartIPX and in initial conversations realised that here was a team that could really help them solve their problem and add value to their business at the same time. SmartIPX offered and implemented a solution that reduced Imagine Group’s potential exposure to fraud from 12 hours or more to a fraction of the time, backed with an SLA guaranteed 15 minute response.
“This was amazing for us,” continues Michael. “We felt confident that SmartIPX could deliver this solution effectively and consistently, letting us focus on our core business.” Indeed, Imagine continue to see substantial benefits with fraudulent activity regularly being blocked, as Michael says.
“We recently saw a hacking attempt across two sites that started at 3:30am Irish time, attempting to call premium rate numbers in the Maldives and Cuba. SmartIPX stopped it dead before the costs hit 500 euros, whereas without their service in place, we could easily be looking at a 7-8k euro loss. They continue to be responsible for a substantial reduction in our risk to exposure, and therefore an improvement in our margins and profits.”
Imagine have been able to further leverage their investment in their fraud mitigation by offering a limit of liability to fraud to their own clients; since Imagine know their own thresholds, they can offer those on to their corporate client base, a value-add “insurance” service which has been very positively received in their native Irish market.
But that’s not all, says Michael Toms: “Our fraud mitigation activity has improved our relationship with our upstream wholesale providers, who can see we are doing the best we can by reducing their exposure along with ours.” Furthermore, ComReg have recently held up Imagine’s implemented and managed solution as a model for how to monitor and mitigate fraud, improving Imagine’s brand position and presence in their industry.
“It is an absolute no-brainer for us at the cost we pay for the value that is added to our business”, finishes Michel Toms. “It would be nothing but madness for us not to have this solution from SmartIPX. We have a great working relationship with them from the top down; they have a great toolkit, superb processes and a very good team that complements and backs up our in-house team, all while improving our bottom line. I can’t understand why any service provider wouldn’t want this solution.
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The Imagine Group • http://www.imagine.ie/ • linkedin profile