Telecoms fraud is a key area of cyber security and a multi-billion-pound business for criminals. With monetary damages more than double that of credit card fraud, it is an ongoing and ever-evolving threat with global calculations at £25.5bn per year and the UK being the 3rd most targeted country.
Tollring estimates that it has saved its Service Provider resellers and customers (across all platforms and partners) a staggering £91,010,000 in fraud damages in the past year. This figure is based on the widely published average cost of damage of £10,000 per fraud attack (source: NEC and many other companies on the internet).
Tollring reports that of the 9100 fraud incidents captured by the iCall Suite fraud and credit management solution iCS Protect since its January 2017 launch, only 5% were based on reseller-imposed credit limit breaches. 95% of incidents were fraud related and were stopped by iCS Protect’s intelligent analytics.
Tony Martino, CEO of Tollring says, “Spend capping has been a common reactive approach to tackling fraud but concedes fraud will occur and is simply an attempt to cap losses. Tollring’s findings of 95% of fraud incidents across platforms in the past year captured by intelligent analytics suggests that relying on credit capping is vastly insufficient in the fight against fraud especially as techniques evolve to make detection and prevention more difficult. For example, a recent trend is for fraudsters to go undetected by taking smaller more frequent ‘pickpocket’ hits across multiple customer systems that don’t trigger standard spend limit based alarms. Now that such a high percentage of fraud attacks are being captured by intelligent analytics, we believe this will cause a major shift in the channel’s approach to fighting fraud.”
New technology from Tollring proactively identifies and kills fraud, uniquely combining fraud protection and credit management in one single solution. Seamless integration with leading Hosted-UC and SIP trunking services delivers SPs competitive differentiation, making security central to value propositions. Having launched this product in 2017, Tollring currently monitors over 288,000 endpoints across platforms, mining data to produce sophisticated business intelligence and dashboards facilitated by the cloud’s infinite scalability. Designed to machine-learn, the product not only checks against a global database of fraudulent destinations but also profiles on a customer by customer basis, typical calling behaviour and looks for unusual patterns.
Tony Martino continues, “We protect our partner community in a tailored way and promote proactive communication and collaboration between customers, resellers and providers on individual thresholds, rules and limits. This approach encourages a culture of shared responsibility as we jointly take a step closer to combatting telecoms fraud, which continues to be an increasing global security threat.”
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