Ericsson is advancing its Mobile Financial Services Platform by integrating INFORM’s RiskShield anti-money laundering (AML) and fraud management software. This collaboration enhances financial risk mitigation and fraud prevention, securing ecosystems for Ericsson’s customers, including operators, enterprises, and banks.
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.
Vonage, a leading global provider of cloud communications solutions for businesses’ digital transformation, has introduced the Vonage Protection Suite, a comprehensive lineup of counter-fraud products and solutions aimed at safeguarding against the ever-evolving threats of online fraud and cyberattacks. The suite empowers developers and businesses to create robust counter-fraud measures, offering a unique level of customer control in managing communications.
A group of consumer and privacy organizations, including the National Consumer Law Center and the Electronic Privacy Information Center, are urging the Federal Communications Commission (FCC) to deny petitions aimed at allowing unsolicited bulk text messaging. The organization, which is made up of numerous telephone users from all around the country, feels that enabling such unwanted messages would be detrimental to customers. In response to a proposed rulemaking in November 2022, some individuals have urged the FCC to allow businesses to send unwanted mass text messages to consumers without their consent. This would result in a rise in unwelcome texts, such as bothersome surveys, recurrent political messaging, and pestering debt collection requests. The FCC not taking action would be detrimental to customers, as they would lose their capacity to filter out undesirable messages. The groups representing telephone subscribers are also requesting the FCC to release interpretations of the…
The UK telecommunications regulator, Ofcom, has announced new regulations that will force phone companies to take action against fake phone number usage by detecting and, where possible, banning spoofed calls. This action tries to address an issue that has led to 40.8 million people becoming the subject of fraudulent calls and messages throughout the summer of 2022. Technical steps to combat nuisance calls have already been put in place by the vast majority of the large ISPs, phone companies and mobile network operators, although these measures are not always successful. Furthermore, there are still many operators that could do more, notably smaller providers and some VoIP carriers. According to the telecom watchdog, preventing such calls without substantial international cooperation and coordination is technically complex and frequently risks intercepting legitimate communications as well. According to Ofcom, around 700,000 UK residents have fallen victim to spoofed phone calls in…
Most phones today allow users to see the calling party’s phone number before they answer. This feature is called Caller ID or Calling Line Identity (CLI). It lets people know who is calling and decide whether they want to answer the call or not. However, callers and criminals can purposely change the Caller ID so that the incoming call appears to originate from a trusted entity. This disingenuous practice is better known as spoofing. Unfortunately, there are more and more cases where callers and criminals purposefully change the caller ID in order to commit fraud. What is Caller ID spoofing? Spoofing occurs when a caller knowingly falsifies the information transmitted onto your phone screen, known as caller ID, to hide their true identity. Scammers often use the so-called ‘neighbors’ spoofing technique. When this technique is used, the incoming call appears to come from a local phone number. It could be…
Robocalls calls have become a plague. It is estimated that Americans alone received more than 58.5 billion robocalls in 2019. While some robotic calls may be from legitimate sources, they can also be scams seeking to deceive or bully people to provide personal information.
Early on, robocalls were easy to detect and ignore because the calls came from an area code you did not recognize. However, the scam has become much more sophisticated with the increase in Voice over Internet Protocol (VoIP) dialing, which makes it relatively easy to “spoof” a phone number so that the caller ID shows a different number than the one actually calling.
Maintaining an edge over competition, staying on track with ever-shifting customer needs and seeing steady revenue growth, can be hard in the fiercely competitive environment of telecoms. That is why the telecom industry needs to consider introducing new technologies into their business practices. One such promising technology that can give telecommunications business owners leverage in the industry is blockchain. Blockchain was created as a technology that brings trust where it does not exist. Currently, the telecommunications blockchain market is in its early stages, with only a few vendors having launched telecommunications blockchain solutions. Given the complex nature of blockchain and distributed ledger technology, it is clear that in order for it to succeed in the telecommunications industry, vendors will need to pool their knowledge of blockchain technology and the telecommunications industry. Bringing blockchain into play can create significant benefits and opportunities for a variety of telecommunications sectors. Some of these…
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…
Oculeus, an innovative telecommunications software provider from Germany, has announced the launch of a cloud-based fraud protection service. The new solution, branded with the name Oculeus-Protect, is designed to meet the growing needs for security in the enterprise telecoms industry. The new fraud protection service is supported by the company’s regional cloud environment, and is currently available throughout Europe, and North and South America. The software provider defines the new service as “a real-time telecoms fraud protection service that provides enterprises an intelligent and automated framework to efficiently prevent false charges resulting from unauthorized usage of enterprise telecommunication channels by cybercriminals and other perpetrators of telecom fraud”. They claim that the software is able of block fraudulent telecommunications traffic within milliseconds, and have positioned the service to be totally independent of user’s telecommunications service provider. “There is a clear and definite need for our new telecoms fraud protection service,”…
