2021 has undoubtedly been a challenging year for many businesses, as the ongoing and shifting restrictions of the COVID-19 pandemic continued to disrupt operations. We know that COVID-19 has accelerated digital transformation, but it has also highlighted many fraud vulnerabilities in both established and emerging systems and enterprises.
Neural Technologies now looks towards 2022 as a new horizon of fresh opportunities, as we continue to deliver effective and evolving solutions for fraud protection to customers around the world.
Evolving fraud protection
It’s obvious too that 2022 will bring with it evolving fraud threats, as scammers continue to seek new avenues to defraud customers, communication service providers (CSPs), and enterprises across a wide range of industries.
Neural Technologies has over 30 years’ experience of designing adaptive solutions for revenue protection and fraud management. Over that time we’ve delivered remarkable evolutions in our own solutions portfolio.
In 2021 that included working with a major Middle Eastern CSP to tackle the USD5.63bil global scourge of international revenue sharing fraud. In Tackling International Revenue Sharing Fraud (IRSF) With ML we explored how our advanced machine learning solutions provided a powerful solution to reduce revenue loss to this fraud.
IRSF is just one of several key fraud types which CSPs face, part of a USD92bil revenue loss to fraud. In our blog on the Six Essential Areas of Telecoms Fraud Coverage, we looked at how IRSF, Wangiri Fraud, Sim Box Fraud, Private Branch Exchange (PBX) Fraud, and Subscription Fraud presented a significant fraud risk which CSPs were attempting to tackle.
Learning and adapting in 2022
The sheer scale of fraud shows the importance of leveraging advanced machine learning and artificial intelligence solutions to address it. That’s particularly true when we look at how fraud continues to evolve, and the expectations for the year ahead.
Neural Technologies’ sophisticated technology is able to not only identify known fraud types, but recognise the ‘unknown unknown’ of emerging fraud patterns. This is a critical element of fraud protection which we looked at in our blog on Revenue Assurance Should Be Proactive, Not Reactive, looking at how industries must look for effective solutions to tackle revenue losses before they occur, creating a robust barrier against fraud.
In our blog on Machine Learning Doesn’t Just Evolve, It Responds, we explored the fundamental importance of this adaptive nature in tackling fraud threats. “By learning, it means that computers through exposure to data can generate a solution to a problem,” argues Dr. George Bolt, Head of Analytics at Neural Technologies. It’s a simple statement, with wide-reaching implications for fraud protection.
Neural Technologies’ advanced machine learning and artificial intelligence solutions are designed for the high-volume landscape. That means scalable solutions that will address growing industry trends of growing data volumes unlocked by increasing penetration of platform technologies such as 5G and the Internet of Things.
Our solutions provide integration with structured and unstructured data from a wide variety of sources, both emerging and legacy, providing a fit-for-purpose solution that can be adapted to any operating environment.
Meeting the challenge of changing fraud patterns means ensuring a solution that meets your own business requirements. With our powerful, adaptive revenue protection solutions, we’re committed to providing ongoing protection against evolving fraud risks for customers around the world in 2022 and beyond.