Anyone who carries a smart phone knows mobile networks are now the most efficient form of communication and global interaction. But these networks are often abused by fraudsters who gain access and cause damage, leaving customers with an excessive bill and companies with a massive problem. These bad actors can penetrate mobile systems through the customer’s network or the telecommunications service operator.
This type of telecommunications fraud (or telco / telecom fraud) is a serious issue that telcos must be aware of and take steps to prevent. Fraudulent activity costs the telco industry billions of dollars each year, but with the right strategies in place, telcos can reduce their vulnerability to fraud and protect their customers’ data. There are many different types of telecom fraud out there, which means businesses like communication service providers (CSP), that transport information electronically through telephony and data services, and Internet service providers (ISPs) need to understand best practices around detection and prevention.
With this knowledge, telcos can make sure their networks are secure and their customers are protected from fraudsters. In fact, telecommunications fraud is becoming more common and causing major financial losses, with an estimated USD 1.8 Trillion in revenue losses and fraud expenses alone predicted to reach $39.89 Billion in 2021, which is 2.22% of total revenues. 1
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How does telecom fraud work?
Telephony networks are the oldest, most expansive in the world, and fraudsters have been exploiting them for years to make money. Indeed, revenues in 2023 are estimated to exceed $498 billion, and the sector is expected to grow at a rate of 2.08% annually. Despite companies’ attempts to comb ..
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