Strategies and insights to combat the continuing rise of telecom fraud will be the topic of discussion for delegates convening at a specialist summit in San Francisco on February 21, 2019. Among the expert speakers, will be Chris Drake, CTO for iconectiv, who will provide details on a new twist on an old fraud technique that is quickly escalating losses for service providers, call centers and enterprises.
With the cost of telecom fraud continuing to rise and international subscription revenue fraud (IRSF) growing six-fold in the last five years, it is becoming increasingly critical for industry stakeholders to understand the latest fraud techniques and the significant damage it is causing to their brands reputation and customer satisfaction levels.
Fraudsters are tech savvy and very quick to adapt their techniques to take advantage of new practices that they can exploit for commercial gain, says Drake. Word spreads fast in that community when a new vulnerability is exploited, and we need to be just as fast and just as savvy. That means the industry must pool knowledge and share insights in order to work together more effectively and stay on top of the latest trends.
As an example, Drake will highlight how an old fraud technique known as Wangiri ring once, hang up and wait for the call back is now being re-purposed to target customer contact centers.
WANT TO BUILD A FINANCIAL EMPIRE?
Subscribe to the Global Banking & Finance Review Newsletter for FREE Get Access to Exclusive Reports to Save Time & Money
By using this form you agree with the storage and handling of your data by this website. We Will Not Spam, Rent, or Sell Your Information.
Modern, busy call centers proactively offer callers the option to leave their number for a call back. In fact, its seen as best practice, Drake says. But fraudsters exploit this to trigger call backs to premium rate numbers. What makes it worse, he explains, is that the initial call back is often from an automated system using keypad responses to qualify the nature of the inquiry. Fraudsters take advantage of this to extend the length of the call and increase their return.
Drake will also point out that the costs of the call and the evidence that it happened is often lost within a large monthly or quarterly bill. Its bad enough this fraud can happen, he says, its even worse that it can pass undetected.
The discussion will provide strategies and solutions centered on acquiring a better understanding of telephone numbers and numbering systems that can be applied to combat telecoms fraud.
Technology can help here, Drake explains. It can help service providers and enterprises enhance their ability to identify and block unallocated numbers, treat specified number ranges with caution, flag known premium rate numbers and put filters into the system so that the call back numbers are always checked before calling.
During his presentation, Drake will discuss how outsmarting the fraudsters is an opportunity for the industry to work together. And, with the Communications Fraud Control Association (CFCA) putting the annual cost of international revenue share fraud at some $6bn, it is a battle the industry needs to win.
The summit, organized by the Messaging Malware Mobile Anti-Abuse Working Group (M3AAWG), looks to combat abuse and fraud of networks and mobile messaging systems.
At iconectiv, we envision a world without boundaries, where the ability to access and exchange information is simple, secure and seamless. As the authoritative partner of the communications industry for more than 30 years, our market-leading solutions enable the interconnection of networks, devices and applications for more than two billion people every day. We have intimate knowledge of the intricacies and complexities involved in creating, operating and securing the communications infrastructure for service providers, regulators, enterprises, aggregators and content providers. Our 5,000+ global clients rely on us for network and operations management, numbering, registry and fraud prevention solutions. We are proud to be enabling the world of tomorrow by making new connections today. A US-based company, Telcordia Technologies, does business as iconectiv. For more information, visit www.iconectiv.com.
Casey Bush/Kyle Loomis
Global Results Communications