Will Analytics Help Overcome Fraud in the Telecom Industry?
We thrive in the big data era where business data can be converted into real-time acumen, empowering businesses to respond in near real-time to the behavioral changes and threats in the marketplace. However, it’s been estimated that fraud in the global telecom industry accounts for billions of revenue losses annually, making it one of the most susceptible industries globally.
With different types of telecom fraud paving their way into the telecom industry, it’s crucial to note that the most prevalent types of telecom fraud include VoIP fraud, PBX hacking, and subscription fraud. Despite explicit policies that assert client accountability in case of fraud, end-users often are not held responsible for fraudulent charges. This is where fraud analytics can help win the battle against traditional BI tools and fraud detection systems.
With telecom fraud on the rise, fraud management seems like an uphill task for leading telecom service providers. Request a free proposal to explore innovative solutions to tackle fraud in the telecom industry.
Also, the telecom industry is witnessing major transformations owing to the rapid developments in technology and business processes. New technologies paving their way into the European telecom industry not only provide new opportunities but also bring with them unprecedented levels of fraud. The latest to hit this segment is the next generation networks fraud- to tackle this issue telecom industry players need to bolster their data management initiatives to combat all emerging and future fraud threats using advanced analytics.
Today it’s crucial for players in the telecom industry to deploy a robust fraud detection and management system, as undetected cases of fraud can lead to huge losses. Also, the deployed system should be powerful enough to keep up with the pace of innovations in the telecom space, as such advancements often open new avenues for fraud in the telecom industry.
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In this case, a European telecom service provider’s data management system was compromised by a cyber-attack that exposed sensitive non-financial data and customer information of a segment of its subscribers. Hackers gained unauthorized access to customer information by using employee credentials to gain access to the database.
Following this incident, the telecom industry player was looking to devise a custom fraud detection and management system which could operate round the clock and provide all the required functionality to detect fraud with respect to innovations in the telecom space. To do so, they were looking at leveraging fraud analytics to build a scalable fraud detection model to handle growth in the subscriber base, while identifying threats and addressing concerns around the following areas:
• Reduce leakage losses through pre-emptive fraud detection
• Enhance customer trust and increase brand loyalty
• Identify issues which lead to telecom fraud
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The telecom industry client collaborated with Quantzig to undertake all their support and development activities for the implementation of a predictive fraud detection model, due to its analytics expertise and track record in helping client’s from the telecom industry thwart data breaches and fraudulent activities. To help the client tackle their challenges, we integrated data from their CRM system to devise and implement a predictive fraud analytics model. The data included- network event data, billing information, customer transaction data sets, and payments related information.
The implementation of a predictive fraud detection model not only prevented losses of revenue but also played a major role in improving data security and preventing potential damage to the brand image arising due to incidents such as data breach and revenue leakages.
Quantzig’s fraud analytics solutions also enabled the telecom company to:
- To detect and address network abnormalities in real-time
- Thwart cyber-attacks and prevent potential revenue loss
- Improve customer security and trust
Want more insights on the business benefits of fraud analytics? Request for more information right away!