The Trick to Combating Fraud Early
February 23, 2017
The fact that communications fraud has become a problem costing $20 billion every year is a clear enough indicator that the issue is growing. One of the main reasons that statistic is so high is because many companies are unaware that they’re experiencing some sort of fraudulent activity behind the scenes. Hackers and fraudsters love to use technology to trick companies, so why not use technology as a weapon in return to fight these threats and become aware of any problems?
According to a report by KPMG International, a common obstacle enterprises face when trying to fight fraud is their own budgets. Many enterprises settle for off-the-shelf solutions that do not integrate correctly and are eventually thrown out or forgotten about altogether. In fact, the report states that frauds detected in North America were most commonly discovered due to tip-offs and complaints; management review; accidentally; suspicious superiors; and internal audit.
The common theme running through each of those instances is chance. What if someone hadn’t accidentally discovered the fraudulent activity? What if they skipped the management review? How much time would have gone by before someone else happened to discover that something seemed off? The risk of putting discovery to chance is too great, but there is a solution that enterprises and service providers need to seriously consider: analytics.
The report states, “The key anti-fraud technology is data analytics, a tool that can sift through millions of transactions, looking for suspicious items. An increasing number of organizations are introducing data analytic solutions to search for unusual transactions amid millions of day-to-day sales and purchases.”
With analytics in place, enterprises should be able to keep track of their operations much more efficiently. Data doesn’t lie, and it’s more proactive than waiting for a customer to contact you after realizing that they’ve been billed for something they didn’t do. Analytics can help catch security breaches early, and make it clear when further measures need to be taken to fight fraud.
It may be difficult to identify fraudulent activity right away, but analytics are a great place to start. Rather than worrying about it, it would be best for service providers and enterprises to invest in anti-fraud solutions from the get-go. Companies like iconectiv (News - Alert) exist for this purpose; they can help customers identify fraudulent traffic on the network, no matter where it comes from. According to iconectiv, it can identify fraud whether it comes from SIM cards being misused in SIM boxes to perpetrate bypass fraud ; grey route SMS traffic; lost, stolen, counterfeit or cloned devices; network spam, spoof and SS7 attacks, and ‘smishing’ activities; the 2 percent of all mobile numbers that cause 90 percent of all fraud activity; and IRSF or PBX (News - Alert) hacking.
That’s quite the list…so why even hesitate in protecting your company with anti-fraud solutions?
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