By James Stewart, Fraud Product Manager
It makes sense to define fraud protection in global terms, but such an approach requires dedicated resources, employed on a 24 hour basis. This is expensive, but costs can be reduced by considering a range of options, including cloud based fraud management system delivery, a managed service or hybrid managed service approach or even a global fraud hub concept.
Effective fraud detection means finding fraud FAST and ACCURATELY. Absolute accuracy is the detection of all fraud with no false alarms. To achieve this ultimate aim requires a combination of excellent systems, expert people, good intelligence and effective processes.
The task of detection is never ending, every hour of the day and every day of the year. Fraudsters typically strike hardest when they think people are asleep or on holiday, so fraud departments have to provide staff coverage and system uptime on a 24 hour basis.
By using a managed fraud protection service or a fraud hub service, operators are able to receive information about frauds before they are severely affected, thus reducing their exposure and risk.
Two undeniable facts about telecoms fraud are that it is both global in nature and that it migrates. As it is detected by one operator, in one region, so the fraudsters will migrate their activities to another operator or another region. For such reasons, it makes sense for all operators to consider ways to protect their networks against fraud in global terms. New techniques and processes are available to fight fraud. From the perspective of process, global fraud intelligence can be used and shared by a specialist fraud protection managed service provider or fraud hub service provider to ensure a 24 hour fraud monitoring and protection capability.