Cloud-based solution proactively blocks fraudulent call and SMS attempts in real time through its unique crowdsourcing driven fraud intelligence platform
Brussels – Belgium, 1st September 2016 – BICS, a global wholesale carrier for voice, mobile data and capacity services, today announced its global crowdsourcing-based fraud prevention platform, FraudGuard, has been deployed by Switzerland’s leading telecoms company, Swisscom. FraudGuard will help Swisscom secure its revenue streams and prevent fraud on its network.
FraudGuard enables wireless operators, such as Swisscom, to proactively shield themselves and their customers from criminal activity in the telecoms industry, including but not limited to International Revenue Share Fraud, PBX hacking and Wangiri. By proactively crowdsourcing details of suspicious network activity across BICS’ global network footprint, FraudGuard is able to identify and block traffic to fraudulent destinations.
Earlier this year, BICS announced the solution had detected and blocked more than 10 million fraudulent call attempts on its customers’ networks during the first quarter of 2016. This figure is part of more than 540 million fraudulent call attempts blocked by FraudGuard in total and reduces the estimated €38.1bn which is lost to fraud in Telecommunications industry each year (according to The Communications Fraud Control Association).
“Using proactive, collaborative measures, such as FraudGuard, the industry is able to fight this global problem,” said Katia Gonzalez, Head of Fraud Prevention Operations and Services at BICS. “The introduction of all-IP networks may have accelerated the speed in which fraud attacks aimed at the telecoms industry can be carried out, but if network operators are prepared to work together and share knowledge of incidents as they incur, a preventative course of action can be taken.”
Reto Meier at Swisscom added: “Safeguarding our revenue from fraudulent activity and protecting our customers’ user experience is a major priority at Swisscom. Reinforcing the focus on fraud protection, Swisscom has chosen the innovative FraudGuard service from its long-standing partner BICS’ to help block fraudulent international call attempts, in and out of our network, proactively as an additional benefit to the other functionalities of the solution.”
# # #