SIM swap fraud cases in the UK surged over one thousand percent in 2024, exposing major vulnerabilities in the telecom sector. Criminals use this tactic to intercept calls and messages, enabling identity theft and account takeovers. Cifas urges stronger identity checks and cross-sector data sharing to combat the rising threat.
Four men were convicted in Glasgow for a £6 million telecom fraud involving NHS contracts. Executives from Oricom colluded with officials who leaked confidential information in exchange for cash and gifts. The case revealed major procurement flaws and stressed the need for greater transparency and accountability in public sector contracting.
The UK government is pioneering a ban on ‘SIM farms’ to combat rising fraud and scams. SIM farms are hubs for multiple SIM cards enabling mass messaging for fraudulent activities. This legislative action targets the method, disrupting major fraud operations and safeguarding the public.
The Federal Communications Commission (FCC) has proposed new rules for AI-generated robocalls and texts. Aiming for transparency, the FCC mandates prior consumer consent and clear AI-generated disclosure for each message. This initiative seeks to protect consumers from scams while exploring AI’s positive applications, such as aiding people with disabilities.
Vodafone Carrier Services, the wholesale arm of Vodafone Business, has introduced Scam Signal, an API aimed at countering impersonation scams, particularly within the realm of Authorised Pushed Payment (APP) fraud.
This new API, Scam Signal, has demonstrated promising results, boasting a 30% improvement in scam detection during a successful pilot with a UK bank over three months.
In an era where voice calls still hold a significant place, a rising wave of voice fraud threatens to shatter this trust. With a shocking 16% of UK consumers falling victim to phone scams last year, global figures paint a worrisome picture. The fact that this issue is not fleeting, the average UK consumer receiving roughly four fraudulent calls per month in 2023, only heightens the concerns.
Juniper Research, in partnership with VOX Solutions, delves into the increasingly critical issue of Artificially Inflated Traffic (AIT) and SMS Trashing impacting the global business messaging sector. The report divulges disconcerting figures, with fraudulent activities such as AIT significantly bolstering operational costs and potentially costing enterprises an alarming $60 million annually.
Telecom analytics titan Mobileum Inc. has been selected by NTT Communications Corporation for integrating its cutting-edge technology platform into the rapidly evolving global connected car market. Mobileum’s solution, composed of connectivity management, testing, and fraud prevention capabilities, aims to ensure continuous, secure connectivity, whilst addressing the associated rise in potential fraud threats.
A recent study conducted by Juniper Research, a renowned telecommunications authority, has revealed that the escalating costs of SMS authentication services and the emergence of fraudulent activities are poised to curtail the demand for SMS-based authentication among enterprises. As a result, telecommunications operators are projected to witness a mere 4% increase in traffic in 2024, in stark contrast to the average annual growth rate of 10% observed over the past five years.
To uncover the dark secrets behind this staggering figure and delve deep into the issue of AIT fraud, we sat down with Tim Ward, the Vice President of Number Information Services at XConnect. With over three decades of experience in the telecoms industry, Tim Ward brings a wealth of knowledge and insights to the table. At XConnect, he has taken the helm of the Number Information Services division, leading initiatives in sales, marketing, and product management. Under his guidance, XConnect has launched innovative services that set new standards for access to network, service, and user information.
