BPM Analytics

Telecom fraud awareness and prevention for seamless customer experience

The telecommunications industry is growing rapidly, and the technology that supports it is constantly evolving. Today’s digital telecom infrastructure is shaping personal and professional interactions, business practices, and more. While the advantages of having sophisticated telecom technology at our fingertips are many, criminal elements are constantly developing new ways to engage in telecommunications fraud by exploiting loopholes and weaknesses in digital telecom systems and networks. To top it off, the sheer number of connected devices and associated digital services in use today offer cybercriminals countless ways to target telecom service providers, networks, and users. Not only does telecom fraud cost service providers and users millions of dollars every year, but it also erodes the trust that consumers have in their network providers, leading to a shrinking customer base for many operators.

Modern fraud detection and management solutions can help keep telecom networks secure and streamline the customer experience by reducing the risk of fraudulent activity. Let us take a closer look at fraud awareness in the telecom sector and how the incorporation of modern fraud management solutions can improve and streamline the customer experience.

What is telecom fraud?

Any unauthorised, illegitimate, or deceptive actions taken to exploit vulnerabilities in telecommunications systems or networks are termed as telecom fraud or phone fraud.

Common types of telecom fraud today include the use of virtual SIM cards, fake or synthetic IDs, sophisticated phishing and social engineering attacks, combined attacks where fraudsters use a series of scams to infiltrate a network, and even the use of artificial intelligence to plan and execute cyber attacks.

Telecom fraud detection and prevention

While telecom service providers must employ modern technology to combat criminal activities on their networks, early detection of fraudulent activity is the key to mitigating long-term damage, building customer trust, and ensuring a positive customer experience. Things like real-time monitoring systems and accurate identity verification can offer an added layer of protection while still maintaining a seamless customer experience. Here are a few popular telecom fraud prevention techniques that consider customer experience.

Real-time network monitoring systems

Real-time monitoring of network activity and all transactions acts as an early warning system to expose fraudulent activity as it happens. This fraud detection strategy works in the background. It doesn’t cause process delays for legitimate customers while also ensuring a swift response to any perceived threat of illegal activity before lasting damage is done.

Swift and dependable ID verification

Contemporary fraud detection solutions are equipped with advanced identity-proofing tools designed to swiftly and accurately authenticate legitimate users without them having to spend time on extra steps. Consequently, businesses can streamline the customer journey by reducing unnecessary obstacles while using modern technology to effectively prevent fraud.

Customised fraud prevention tactics

Customisable fraud detection and prevention controls provide the capability to establish distinct risk thresholds for different transaction types or users based on perceived risk. This enables the rapid approval of lower-risk situations while more stringent fraud checks are applied to higher-risk ones. Tailored fraud prevention strategies that reflect specific needs are an excellent way to effectively balance a smooth customer experience with effective fraud prevention.

AI and ML-equipped fraud detection and prevention solutions

The incorporation of artificial intelligence and machine learning is a game changer for modern fraud detection solutions and offers a substantial boost to their precision and efficiency. These cutting-edge technologies far exceed the abilities of traditional rule-based systems and enable extremely rapid fraud detection by identifying anomalies in real time and staying ahead of evolving cyber threats.

How can Infosys BPM help with fraud detection?

Infosys BPM offers a state-of-the-art Telecom Fraud Management and Revenue Assurance solution specifically designed to help global communication service providers save revenue by identifying and eradicating complex telecom fraud and network leaks. Reach out to know more about responding to and eliminating telecom fraud quickly and efficiently to minimise financial losses while retaining a smooth customer experience and exceeding customer expectations.