Fraud in the telecoms market is constantly evolving and changing. This is what makes fraud identification and mitigation challenging for mobile network operators (MNOs) and other service providers.
At Vox Carrier, we have identified over 50 types of fraud and not all of these are understood or recognised across the industry. Fraudsters are very creative and innovative, so we’re continually identifying new kinds of fraud.
With the sophistication and complexity of fraud in telecoms, it can only be analysed and recognised through gaining a complete picture of fraud across different service types. If an MNO or service provider only looks at fraud in SMS, for example, it might be missing patterns of fraudulent behaviour in Voice. You have to have a comprehensive view of potential fraud and that includes things like SMS, Voice and data, on both incoming and outgoing traffic together. That is the only way to really gain a full of understanding of the different kinds of fraud in the market and how they impact a telco’s business.
How does fraudulent activity affect telcos?
It is all about monetisation. That is a big word, but it covers all of the facets of fraud losses. At the most basic level, fraud causes lost revenue, but it also drives increases in CAPEX and OPEX as the telco tries to fight fraud. Brands can be damaged. Partners and customers lose trust and loyalty. Quality of service and experience can suffer as well.
All of these things impact the monetisation of services and that’s critical to MNOs and service providers. They have an opportunity in Application-to-Person (A2P) messaging and working with some of the largest online brands in the world, but if fraud losses are at 50 per cent of revenue, they’ll never be successful. Fraud makes it difficult for them to monetise new services and create profitable revenue streams. It is that critical.
The best fraud solutions give telcos a comprehensive view of fraud across their services and are backed up by guarantees in terms of stopping revenue leakage. Telcos don’t need more complexity in their operations. They need solutions that are delivered as a managed service that can solve fraud across Voice, SMS and A2P. They also need to be constantly evolving, learning and adapting to stay ahead of fraudsters. That is why a managed service is so important.
We use the latest technologies and best industry practices for software engineering, and R&D in artificial intelligence (AI) and machine learning to continually optimise our approach. Our solution uses more than 10 years of fraud pattern data and we match that with intelligent automation and analytics, as well as experience.
When our solution is deployed, we can stop 99.99 per cent of fraud losses and we guarantee that for our customers.
AI & machine learning
AI is a very powerful technology that can be used in data analytics, patterns identification and traffic predictions. AI not only can analyse every SMS or voice call on the network, but can learn as it collects more traffic intelligence. Based on patterns and analytics, it can identify fraudulent attempts and predict other types of fraud. What we find really useful is AI’s ability to look at across multiple fraud scenarios in real-time and take action, make configuration changes or deploy new traffic rules in milliseconds.
It simply isn’t possible for a human being to review this much data. AI shifts fraud detection from reactive to proactive. Many fraud systems look at call data records (CDRs) after calls happen. The fraud will have already occurred. That simply isn’t good enough when billions are being lost on fraud every year.
Bots or software robots are in charge with testing, auditing and executing various analytical tasks, or taking action on live traffic systems. They are orchestrated by an AI engine. Bots are working 24/7 and they are 100x times faster than humans in executing the tasks.
We don’t see fraud happening in silos and neither should anti-fraud solutions. That is why we built our solution to cover Voice, SMS and A2P services. Using a single platform, we enable telcos to identify fraud across their services and ultimately, we’re focused on monetisation, not just putting a Band-Aid on a problem.
We’re experts in fraud, but we also see the bigger picture of enabling MNOs and service providers to effectively monetise their services. That’s a big differentiator in terms of approaching the market. We see our anti-fraud solution as the beginning of a monetisation journey we take with our customers.
In terms of our solution, we’re managing Voice and SMS traffic at the same time, constantly feeding the AI-powered analytics engine with new SMS and voice traffic data and comparing it to more than 10 years of global Voice and SMS data.
Based on our competitive analysis, none of the current solutions in the market are offering such a level of intelligence. This is what makes our solution very effective in particular cases like SIM-box frauds, which are some of the biggest responsible when it comes to telecom fraud.
In most cases, same SIM-boxes are responsible to bypass both SMS and Voice, and by combining these two patterns, our solution is the most effective against SIM-boxes compared to other existing solutions.
Telecoms fraud continues to evolve under different forms and techniques, fuelled by frequent changes in regulations, developments in roaming agreements, continuous networks evolution, and never-ending deployment of new services. Fraudsters are always researching for new ideas and targets, as well as always increasing the complexity and difficulty of their fraudulent operations.
We genuinely believe in protecting Voice and SMS revenue streams by fighting bypass and fraudulent activity which affect quality and trustfulness of these communication channels. Customers need to trust these communication channels in order to keep using them, and that’s why it is important to secure high quality and reliability of Voice and SMS traffic. Our mission is to help