New campaign to raise awareness of fraud
Financial Fraud Action UK (FFA UK) has announced the launch of its new Take Five campaign which aims to raise awareness of fraud and provide practical advice for consumers. The scale of fraud in the UK is growing. Official figures released by FFA UK reveal that the overall scale of financial fraud in 2016 was […]
Telecommunications: the battle against fraud
Mobile network operators have long been targets for fraud and revenue risk. The nature of these companies’ businesses mean they generate significant revenues. If revenues are significant, as is the risk of fraud. What frauds should network operators be aware of? And, more importantly, how can they combat them? The Communications Fraud Control Association’s (CFCA) […]
European Commission toughens laws on OTT providers
In recent years, over-the-top (OTT) providers such as Viber, WhatsApp and Skype have steadily increased their presence in the market and their popularity with consumers. Until now, OTT applications have been able to offer users free calling and messaging services via the internet with very little restriction and regulation compared to traditional telecoms companies. Having […]
TalkTalk customers are victims of fraud – AGAIN
In October 2015, TalkTalk suffered a “significant and sustained cyber-attack” that resulted in up to four million customers having their personal data stolen—including bank account numbers, sort codes and credit card details. It remains one of the worst cyber-attacks suffered by a British telecommunications company in recent history. However, it appears fraudsters have struck again. […]
The new threat: OTT bypass
• OTT bypass is now costing network operators and telecommunications regulators $millions per month • Estimated annual loss of traditional bypass is more than $3 billion per year. OTT is set to exceed this in the future • Global fraud expert briefs meeting of network operators and government regulators in Pakistan on how to combat […]
What will Mobile World Congress 2017 teach us about mobile fraud?
With Mobile World Congress starting today in Barcelona, what key mobile fraud issues will this event address? A simple search of the Mobile World Congress agenda for 2017 denotes no references to fraud at all. This is a missed opportunity bearing in mind the serious nature of the risks to revenue faced by operators from […]
Barclays to introduce new tracking measure to combat fraud
Barclays has pledged to introduce a new tracking service for UK customers that aims to stop stolen accounts being accessed abroad. The opt-in service will track a customer’s location using their mobile phone’s GPS signal and allow bank staff to check if someone is in the same country as their debit or credit card. By […]
Artificial Intelligence to help tackle fraud
Fraud poses a serious threat to banking and financial institutions globally. With the finances of consumers and corporations at stake, many organisations are investing in ground-breaking technology to help prevent fraud. One area of technological innovation that these institutions are exploring is artificial intelligence (AI). For example, MasterCard has recently announced the launch of Decision […]
Key fraud issues service providers need to know about
The Communications Fraud Control Association’s (CFCA) annual fraud survey provides telecoms fraud managers with an assessment of the key revenue threats from fraud. The latest survey identified the top frauds committed against service providers. $10.76 B (USD) – International Revenue Share Fraud (IRSF) International Revenue Share Fraud has been an issue for more than a […]
Customer data leaked in Three Mobile Hack
Mobile network provider Three has come under pressure after it was revealed that more than 130,000 customers had their account details stolen by cyber-criminals, who then used the information to fraudulently purchase high-value smartphone handsets in their victims’ names. The company, which has nine million customers in the UK, admitted that fraudsters had accessed its […]