THE IMPACT OF FRAUD ON THE TELECOMMUNICATIONS INDUSTRY
With fraud penetrators becoming more sophisticated both in their techniques and their tools, fraud is becoming an increasing problem for the global telecommunications industry.
The telecoms industry quotes fraud losses in the billions globally through industrybodies such as the GSM Fraud Forum or Communication Fraud Control Association (CFCA),although no accurate industry figures are discloseddue to commercial sensitivity, however one fact is certain, telecoms fraud has steadilyclimbed over the years and is definitely on the increase.No telecom service provider is immune from fraud. Both established operators and new market entrants need to manage their risks. Actual impact is rarely quantified, reducing visibility and effectiveness of response; as a result, 3VI provides the required technical and business skills to support both strategic and tactical fraud management efforts.
In telecoms, an effective telecom fraud management process can be a critical element in determining whether a carrier is successful or not. The telecom fraud management team can significantly impact the success of either of these approaches. Fraud management should not impede the process, but must facilitate it by responding quickly with effective solutions for protecting the carrier as the business strategy evolves. To do so requires a dynamic skilled staff, using robust, flexible tools, and a clearly defined process.
3VI provides expert insight and analytics that allow businesses to take their data and create valuable information assets that can be specifically used to improve business efficiency, minimize risk and drive revenues.