The Communication Fraud Control Association reports that mobile and fixed line carriers lose about $40 billion per year to Fraud. Last reports show a more granular description and losses of different fraud types:
- Roaming Fraud – $6.11 billion globally
- Premium Rate Fraud – $4.73 billion globally
- PBX Fraud – $4.42 billion globally
- IMEI Reprogramming Fraud – $2.6 billion globally
- Interconnect Bypass Fraud – $2 billion globally
- International Revenue Share (IRSF) Fraud – $1.8 billion globally
Preventing and mitigating Fraud and Security are two of the important defense mechanisms in order to ensure that the system resource integrity and the operator fiscal integrity are maintained for the optimal operation of the system and the Operator.
There are a number of organisations including I3 forum that are engaged in Fraud prevention initiatives as this is causing the Operators to lose a significant amount of revenues to these fraud related activities.
While the security aspects are more related to defending the health of the platform, fraud related issues are directly linked to the Operators financial health as they pay for a service that was not ultimately provided to their customers. There are a number of fraud mechanisms out there and the fraudsters are constantly looking at new ways to “beat the system” and bill the operators. Every effort should be made to find ways to detect these fraudulent behaviors and alert the operators.
Combating fraud is an ongoing phenomena and Cataleya is continuously working closely with Operators on fraud related issues and developing solutions on our Orchid One platform that can help mitigate the fraud scenarios for the operators.
Cataleya is actively engaged with the I3 forum’s Fraud workgroup, Yates Fraud Consulting, as well as other operators to alleviate the fraud situations and the role Cataleya can play in the early detection of the fraud situations and resolve industry challenges.
On 20th November 2015, Mr. Jay Jayasimha, CEO at Cataleya, hosted a webinar titled “Preventing and Mitigating Voice Fraud” which provided the audience a more in-depth understanding of:
- The financial impact of Fraud
- Examples of Fraud
- Ways to tackle Fraud
- Importance of Deep Voice Analytics in Fraud Prevention
- Investment in Fraud Prevention and ROI
If your company is impacted by telecoms Fraud in your network, you can contact us at firstname.lastname@example.org and we can discuss how to address your challenges