Earlier this month, BICS had the honour of hosting the flagship GSMA Fraud and Security Group (FASG) meeting, in tandem with the GSMA Asia Pacific Fraud Forum, for the very first time.
As one of the most successful and well-attended events in the industry, it’s one that is also close to our hearts. This year’s FASG meeting was no exception. Taking place from the 2-4 June on Sentosa Island, Singapore, more than 100 participants from 75 different companies gathered to hear the latest news, challenges and developments on Fraud and Security in the sector.
Telecoms fraud is widespread throughout the world, with carriers reportedly losing hundreds of billions of euros every year at the hands of opportunistic criminals. Next-generation risks and vulnerabilities were discussed at length by both carriers and operators alike at FASG, with many operators claiming that the ability (or lack of) to monitor and report attacks on their networks, continues to pose a huge challenge and barrier to innovation.
As this year’s host and one of the leaders in the carrier business, BICS was able to take the stage to explain how we’ve seen great success with our operating partners and customers in providing real-time visibility of fraud attacks through our FraudGuard, SMS Firewall and SMART Signalling Solution propositions. For years, BICS has been on the front lines, actively tackling some of the industry’s most pervasive fraud cases. Katia Gonzalez, Head of Voice Fraud Services at BICS, has played a key role in BICS’ fight against fraud. Katia shared insights and guidance with attendees on the latest challenges for operators in effectively stemming the tide of fraud.
BICS’ expertise in the industry enables operators to safeguard revenue, protect customers and combat fraud effectively. BICS’ FraudGuard has already helped more than 800 of its partner networks save millions of euros in revenue. FraudGuard is a great illustration of how a preventative, rather than reactive, measure can decrease revenue loss by monitoring the billions of minutes flowing through its network combined with real-time information from partners. For example, one leading operator group based in an emerging market saved 320.000 euros of revenue within the first three months of deploying FraudGuard.
Katia also took the opportunity to outline BICS’ Grey Attack Plan, a service which helps operators suffering from grey route traffic and Simboxes, all of which compromise overall inbound revenues.
Bart Vandekerckhove, Head of Mobile Messaging at BICS, also explained how BICS can help mobile operators fight SMS Fraud. With the rising popularity of SMS A2P (Application-to-Person SMS), SMS Bypass has become a big issue for mobile operators, resulting in missed revenue opportunities and several other forms of abuse (e.g. Wangiri SMS triggering receivers to call a premium number). BICS’ SMS Firewall and Fraud Consultancy services have already helped many mobile operators increase their inbound SMS revenues and eliminate bypass SMS. With one particular leading mobile operator in Africa, the BICS SMS Firewall and Fraud Consultancy service resulted in a revenue increase of more than 500.000 euros per year.
The key take away from this year’s FASG event was that, while fraud continues to pose a threat to operators’ bottom lines, they are open and actively seeking new, innovative means of tackling an ever-evolving security landscape. With fraud prevention going from strength to strength, and proactive measures such as cloud-based, real-time crowdsourcing solutions becoming a vital tool in the operator’s arsenal, hopefully by the next FASG we’ll be hearing more success stories about how operators are adopting solutions such as FraudGuard, to confront fraudulent activity and revenue loss head on.
An article by Ravish Patel, Product Manager Fraud Prevention | BICS, 25th of June 2015