Europol, the European Union’s police agency, has published a report stating that telecoms fraud is costing over 29 billion Euros every year. The survey on cyber-telecom crime was conducted by Europol’s European cybercrime center (EC3) and cyber security specialist Trend Micro. This report underlines that telecom fraud is becoming a low-risk alternative to traditional financial crime, and due to the reduced cost and increased availability of hacking equipment, this type of fraud is on the rise. According to Europol, the most common methods of telecom fraud are vishing, where people are persuaded to disclose personal details, Wangiri, where people are tricked into calling back to expensive numbers, and international revenue sharing fraud (IRSF) that is claimed to be “the most damaging fraud scheme to date”. Describing IRSF, Europol stated: “It involves transferring monetary value from one carrier to another, based on the inter-carrier trust between telecom operators. Patient fraudsters…
Latest Posts:
- Darryll Dewan Unveils Top Data Center Trends for 2024
- A quick roundup of the news in Telecoms | Week #16
- Fujitsu and Oracle Collaborate on Sovereign Cloud and AI Solutions
- Comcast Expands Now Brand to Address Connectivity Needs Post-Affordable Connectivity Program Closure
- LogRhythm’s RhythmWorld Europe Cybersecurity Summit Returns to Share Strategies for Cyber Resilience and Mitigating Future Threats
- Balancing Market Unity and Diverse Telecom Opportunities in EU
- Bharti Airtel, Dialog Axiata Merger: Impact on Sri Lanka’s Telecom Landscape
- NBN Achieves Groundbreaking Speeds with 100G PON Technology
- Smartphone Market Poised for Rapid Growth with Rise of GenAI Capabilities
Tag