Subscription fraud continues to be the top fraud method say telcos
Subscription/identity fraud is still the top fraud method for gaining access to services and IRSF is the most reported fraud type, a recent survey from Neural Technologies (Nt) has shown. The findings tally with the CFCA’s 2013 Global Fraud Loss Survey, which also showed subscription fraud to be the top priority for its members.
Date: 1st May 2014
The group of mobile network operators from all regions globally came together to discuss current and future fraud trends at Nt’s 2014 User Forum. The 3-day event was held in Cape Town last month and featured customer case studies as well as the latest product information from Nt. With the CFCA estimating a $46.3 billion global telecom fraud loss in 2013*, an increase of 15% since 2011, Nt’s fraud survey and subsequent discussion forums were a key part of the event, enabling Nt’s customers to share experiences and best practise and discuss future requirements.
A representative from Vivacom commented: "In addition to the flexible and wide range of the Neural products portfolio, the user forum has achieved the objectives set for the exchange of information, knowledge and experience, in terms of fraud prevention, between users from all over the world, which was very useful and beneficial!"
As a key risk to operators IRSF fraud and identification were widely discussed at the Nt User Forum, with case studies presented which revealed the increasing creativity being used by fraudsters. From account takeover or SIM swap, subscription fraud including exploitation of online/web portal weaknesses and social engineering, PBX hacking, stolen phones and sleeper accounts are being used for IRSF, and most reported cases of Wangiri are also linked to IRSF.
Neural Technologies is a leading provider of risk management solutions, empowering organisations to optimise revenue in the areas of fraud management, credit risk assessment and revenue assurance.
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