Lessons to be learnt in Telecom Fraud
Author: Luke Taylor CCO & Deputy CEO
Date: 14th July 2014
Over the last few days I have delivered several online seminars addressing fraud statistics and current trends, which have been well received. Throughout the seminars though, I try to keep an open mind about telecom fraud statistics and like to regard them as an indicator rather than treat them as gospel. What has struck a chord with some of the recipients on this occasion was the fact I chose a different way to present some of the stats.
Instead of the usual research, I thought it would be more interesting for some slides to take the viewpoint on how the Financial Institutes manage very similar frauds that we investigate. For example, their approach to Account Takeover Fraud, apart from the usual rules, involves more analysis right down to establishing the target age and gender of victims based on profiling their transactions. Another interesting approach was how card issuers or merchants looked especially at users conducting purchase transactions using their mobile device. This was a very useful insight into the detection tools they rely on including location and velocity type information and user authenticity and SMS alerts. So I believe that there are lessons to be learnt from different industries on fraud detection techniques and their approach. It is good to think out of the box sometimes!
Hayley Daniels – Senior Risk Management Consultant, Neural Technologies
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