No Country for Old Men - Fighting Fraud is Becoming a Job for the Younger Generation
Author: Hayley Daniels Senior Risk Management Consultant
Date: 2nd May 2017
Categories: Technology, Data, Financial, Telecoms, Revenue Assurance, Fraud protection, Optimus, Neural Technologies, Big Data, Revenue Management, Digital Transformation, Digital Integration
Although there has been much reluctance in the fraud industry to change established practices, over the last year I have seen a change in attitude. Companies are beginning to embrace new technologies and be more proactive in taking on a more responsible role – not only in detection, but also in the prevention of fraud. Whilst the ‘classic’ frauds will never be fully erased, they are beginning to diminish in favour of more technologically complex crimes.
Operators are looking at the entire fraud landscape and how they address risks with more employing platforms and systems that are multi-functional, moving away from siloed single systems, and can draw patterns and see anomalies across many different data sets which were previously unapparent. In response to this this change systems are providing an end-to-end toolkit capable of biometrics, as well as linking and interrogating huge data sets.
Operators are now looking at data driven connectivity and how to align their services more closely. Although we saw an initial fear of IoT and OTT services, we now see companies beginning to embrace these services and needing to understand the risks that these bring with them from both a fraud security and overall revenue perspective. With these new technologies forming increasingly large parts of customer’s lives, operators are embracing new methods of monitoring these channels, with a need for staff to upskill in order to keep pace.
At first this approach to monitoring made people nervous – with the pressure of failing to upskill they could be replaced. However, from our experiences at industry meetings, we have seen increasing collaboration and more open discussion both within companies and externally. We have seen attendees from different teams within operators attending meetings – not just revenue assurance professionals, but project managers, system engineers and network security staff joining the risk management staff. Within the telco environment, it appears that where before the separate teams functioned in silos, operators are beginning to utilise specialist staff to assist with the company’s risk management. Those with data and security experience are becoming more and more valuable in explaining how new issues and risks can affect company revenues.
In 2016, we saw a real increase in younger people entering the industry. The generation that has grown up with exposure to technology all day every day are coming into the industry and encouraging new attitudes and new directions. Many are challenging the old ways. They are all bringing a new outlook and new ideas on how to solve both old and new problems.
It will be interesting to see in 2017 and beyond, how many of these ‘bright young things’ begin to take over in the industry – embracing new methods of monitoring – and whether within the next 10 years we will see a younger generation of management in what has traditionally been an industry of grey-haired men. One thing is for sure – those clinging to the conventional will need to adapt if they want to survive in this brave, new world.