Fraud is running rampant in the telecom industry. International Revenue Share Fraud, where criminal fraudsters partner with content providers, is by far the most damaging type of fraud, costing the industry approximately $11 billion. The most prominent enabler for executing this fraud type is hacking private corporate telephony systems (PBX) and generating unauthorized excessive amount of calls to International Revenue Share destinations without the corporation’s awareness or consent. This accounts for nearly 70% of all International Revenue Share Fraud damages, costing the telecom industry about $7.5 billion dollars each year.
PBX hacking hurts both the enterprise businesses and the service providers who provide the services. Enterprises feel the pain of exorbitant bills, and target their anger at the service provider. This leads to high rates of customer dissatisfaction, financial disputes followed by churn, and leaves the service provider looking like they are unable to protect their customers or their network.
Service providers need a robust real-time monitoring solution, who can detect these types of scams. Typically, when the system notices suspicious activity made from a corporate customer, it generates alerts which are analyzed by the service provider’s fraud prevention people which take immediate preventive actions to protect their customers from the scam.
But this type of fraud risk can turn into a business opportunity as well. Service providers have the opportunity to sell fraud detection services to their corporate customers. This shields enterprises from hefty fraudulent bills, and at the same time generates a new revenue stream for the service provider from an unorthodox area. It also puts the service provider in the roll of security partner and creates a new and unique differentiator/stickiness item in the marketplace. It’s a win-win opportunity for both the service provider and the enterprise customer.
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