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Monday, March 28, 2016

Communications Fraud Control Association Reports 19% Drop in Telecom Fraud

Fraud is responsible for losses of approximately U.S. $38 billion a year from global communications providers’ revenues, but the telco industry is concerned that losses from undiscovered crime attacks are even greater. Harnessing the power of native Hadoop applications, real-time machine learning and big data, Cloudera and mobile revenue fraud analytics provider Argyle Data have teamed to create a fraud analytics platform for communications service providers (CSPs) that allows them to uncover and shut down fraud attempts as they are happening. Million dollar scams can be pinpointed and deflected within minutes. Today, the platform is being used by some of the leading mobile operators across the globe. Let’s take a look at recent reports by the Communications Fraud Control Association (CFCA) to uncover the threat trends beneath the statistics. The CFCA released its "Global Fraud Loss Survey for 2015" results laion and coordination amongulent activity. The top five types of telecommunication fraud include: 1) Internal Revenue Share Fraud (IRSF), 2) Interconnect Bypass (e.g. SIM Box), 3) Premium Rate Service, 4) Arbitrage, and 5) Theft in Stolen Goods.  What does the future hold for communications-related fraud? Share your comments with the Cloud and Cyber Security Center:

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