Fraud impacts all organizations. Most organizations are unable to fully eliminate fraud and hence have to live with it as the cost of doing business. A recent survey estimates global telecom fraud losses at $40.1 Billion USD or approximately 1.88% of revenue. This number is based on only the known fraud transactions, adding the unknown fraud i.e. the fraud that could not be identified, could easily double the fraud losses. The good news is that these billions of dollars in fraud losses can be reduced to almost zero by using in-memory data management (IMDM) technologies.
IMDM enables real-time processing of transactions to detect fraud by maintaining all data in-memory. This results in faster detection of fraud and faster action to eliminate fraud losses. IMDM easily integrates with different applications to manage several types of telecom fraud:
1. Toll Fraud or Compromised PBX/Voicemail Systems Fraud
Compromising a PBX/Voicemail system to call toll numbers is the top fraud loss category. Within minutes operators can lose hundreds of thousands of dollars by calling toll numbers that charge $5/minute or higher. IMDM allows analyzing call detail records (CDRs) in real time using a dynamic set of rules to minimize & eliminate this type of fraud.
2. Bypass Fraud
Bypass fraud manifests many different forms but essentially involves unauthorized traffic in an operator’s network. This can be difficult to detect but IMDM makes it easier by maintaining all real-time transactions in-memory to review the source of the transactions, the destination number, the cost of the call, etc. IMDM holds streaming data in-memory to prevent a denial-of-service attack that could have led to an operator’s network becoming totally unresponsive to their customers.
3. Credit Card Fraud
Telecom organizations get hit with several different kinds of credit card fraud related to charge backs, returned checks, card holder not present, etc. IMDM enables maintaining real-time and historical transactions in-memory to quickly analyze the root cause and prevent fraud. Leading credit card organizations are already using IMDM solutions to manage their fraud.
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