2016 Fraud Reports
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The reputational risk for telecoms companies involved in data breaches is huge; loss of customer trust is a commodity that is not easily replaced. With the cost of compliance and data security increasing, companies need to ensure they set aside sufficient investment and have the necessary skills to deal with any possible future threats.
In this, the second of our blogs looking into the wider telecoms fraud situation, we look at what measures are being taken to combat telecoms fraud and what steps can be taken by businesses to reduce the risks.
Collaboration and proactive communication between carriers have been key to helping to reduce the amount of money lost to fraud between 2013 and 2015 according to the Communications Fraud Control Association (CFCA). The value of this collaboration has been recognised through the formation of a number of specialist industry groups looking at the specific issue of telecoms fraud and outlining best practice in revenue protection methods, including the GSMA’s (Groupe Spéciale Mobile Association) Fraud and Security Group and the i3 Forum’s Fraud WorkStream, the latter focusing on the issue from a wholesale perspective.
In a presentation to the i3 Forum, Robert Benlolo, Senior Product Manager of Access Services for Tata Communications, spoke of the basics needed to help combat fraud, among them were:
- Sophisticated tools and systems enabling detection, alerting, blocking and data mining
- Flexibility to consistently adjust to new threats
- Streamlined processes and highly trained experts
- Rapid reaction and customer clearance (red tape = losses)
- Dedicated 24/7 resources and continual training
- Market intelligence and cooperation
- Sharing intelligence
While our focus at SmartIPX is on managing Voice over Internet Protocol (VoIP) fraud, we understand the greater impacts of fraud across the Telecommunications sector which can result in devastating effects on your margins and reputation. Our recent case study with the Imagine Group gives one operator’s perspective on the effects of telecoms voice fraud.
SmartIPX’s partner Cataleya is heavily involved with the i3 Forum, working to develop ideas for fraud prevention on two major roadmap items, Business Intelligence (BI) reporting and fraud management enabled by AI or Machine Learning. Our ongoing investment in Cataleya’s Orchid One eSBC is already resulting in impressive fraud detection and prevention performance on behalf of our clients.
According to the i3 Forum, a key question to ask is to what extent do you have access to real time information to allow you to monitor risks to your IP and data. Most current Session Border Controllers capture only historic data; Orchid One differentiates itself by being able to match historic data with real-time analytics to deliver a new level of network visibility capable of identifying fraudulent activity and increasing the ability to prevent fraud.
This new functionality, backed up by our engineers knowledge of our clients’ network and traffic patterns, and the processes to make sure that this knowledge is acted upon swiftly and decisively, make it even easier for us to detect anything suspicious or abnormal in call behaviour.
For a no obligation conversation about how SmartIPX can help protect your margins, profitability and credibility. Contact us