Telecoms Fraud Protection
Telecoms fraud is increasing at an alarming rate globally and is one of the biggest sources of revenue erosion for every telecoms operator. The alarming fact is that two-thirds of all fraud losses, especially voice fraud losses, are tied to international traffic.
Industry today is spending millions protecting itself from fraudsters post-facto, after attacks had already taken place. As a result, it is perpetually on the defensive and in reactive mode. With bottom lines under tremendous pressure it is now time for telecom executives to invest and collaborate in fraud protection solutions that will safeguard their networks from attacks effectively and proactively.
Telecoms Fraud Issue
In 2015 telecom fraud was worth US$ 38 billion according to the CFCA. 89% of operators surveyed said fraud losses had increased or stayed the same within their own companies, however many companies are now reporting far fewer cases to law enforcement.
Today, fraudsters located in country ‘A’ can generate fraudulent traffic that originates in country ‘B’ and terminates in country ‘C’ with fraud behaving like a virus - spreading outward very fast, infecting network after network in succession and generating colossal revenue losses as a result.
Crowdsourcing to beat fraud
A cloud-based crowdsourcing approach enables wholesale operators to proactively protect against fraud on a range of networks.
By crowdsourcing details of suspicious network activity across a global
customer base, a crowdsourced antifraud platform can identify and block activity to known fraud destinations.
One BICS fraud prevention solution alone detected and blocked more than 550+ million fraudulent call attempts on its customers’ networks, saving them on the upwards of US$ 1.5 billion in international voice revenues.