Service providers, consumers, and businesses are all impacted by telecom fraudsters. In fact, in 2017, the Communications Fraud Control Association (CFCA) estimated $29 billion is lost by carriers and organizations to global network fraud.
Telecom scammers and hackers are a constant threat to providers, whether it’s PBX hacking for revenue sharing fraud or call sharing fraud, or denial of service attacks, for example. They also target the consumers themselves, attempting to get access to their information for a variety of crimes. A popular scenario is when they pose as legitimate callers to banks to perform account takeovers, by leveraging techniques such as caller ID spoofing.
Whether it’s telecom, retail, or the financial verticals, fraudsters and hackers always seem to move much faster than those responsible for mitigating fraud. New, unforeseen threats need to be prevented rather than detected after the fact, which is the perfect use case for artificial intelligence, and more specifically true machine intelligence.
Organizations need new fraud prevention strategies based on artificial intelligence.
It will become more and more important to analyze data available from multiple channels, and only artificial intelligence will be able to provide the necessary key insights on behavior through billions of calculations, iterative insights, and process analytics.