Telco fraud, telecom fraud, telecommunications fraud – regardless of the name used, it refers to one thing that has mobile network operators racking their brains for an answer – the abuse of telecommunication companies for financial gain.
Over the years, telco fraud has evolved to the point where it costs communication service providers millions of dollars each year! Unfortunately, this loss has also affected mobile users. They have fallen victim to scams to extort money, bank information, and other financial or personal assets from them.
The elderly, unemployed, and other vulnerable groups have especially suffered under this new wave of phone scams. And it is up to mobile network operators to nip this fraud in the bud before it results in a global crisis.
But how can mobile network operators take this bull by its horns?
Keeping Abreast of the Latest Scams
Thanks to technological advances, scams have increased. A simple phone call could be the gateway to having someone’s bank account swept clean in mere seconds. Some of the scams that have nagged mobile operators and their users include:
- Wangiri fraud
- SMS phishing
- Deposit fraud
- PBX hacking
- Traffic pumping
- Account takeover
- Subscription fraud
- Telecom arbitrage fraud
- The interconnect bypass fraud
- The international revenue sharing fund.
Knowing what’s affecting other networks can help you prepare for similar incidents. But how can you stop what’s coming?
Investing in Proactive Technology
Besides educating themselves and the public regarding the danger of phone scams, they must also arm themselves with technology equipped to monitor and prevent fraud in real-time. And what better way to do that than by investing in the Onyx FMS?
This hybrid fraud management system comes with several features, including:
- Detection of new fraud schemes: Often, mobile operators focus on preventing known fraud attacks. Examples include the IRSF, Interconnect bypass fraud, and traffic pumping. Unfortunately, this is not enough. Criminals are constantly devising new ways to scam their victims; a system that can detect and stop this fraud is the only way to keep up. The ONYX FMS reduces the fraud attack window, ensuring that the mobile operator and its users face minimal to no losses.
- Detection of anomalies: The ONYX FMS features a machine-learning-based solution with an anomaly detection component. Thanks to the study of previous fraud attacks like subscription fraud, account takeover, and SMS phishing rings, this statistical data plays a significant role in detecting new scams. Moreover, the system does not stop at past and current attacks but also predicts future fraud patterns. As a result, it can prevent previously unknown attacks with new fraud patterns.
- Sharing of Databases: Scammers often use a ploy in one network before trying it in another once they have been discovered. As a result of the reduced connectivity between the networks, the criminals often have their way with several networks before the scam dies down. The ONYX FMS solves this by providing a shared knowledge database that all operators can access. You can view some of the patterns present in scams in other networks and proactively prepare for them. It also gives you enough time to warn your users of impending scams before they even occur.
- Investment Reusability: Besides relying on the ONYX FMS for fraud detection and prevention, you can also use it for other network-related tasks. It features an open architecture that allows you to use its platform for predictive network maintenance, 5G network security, and a range of other new applications. You can thus rely on one system to protect your network and its users.
Whether you’re dealing with known frauds like the Wangiri fraud (PDF) or are grappling with a new scam, you can always rely on the ONYX FMS to weed out the scammers. Doing so can save you a lot of time and enable you to maximize your profits by cutting back on losses. Moreover, having a secure network makes you more marketable to users who may have fallen victim to scammers over the years.