Telecom Fraud Prevention
Fraud is estimated to cost the telecom industry over USD $38 billion annually. Learn about the different means of telecom fraud and how STRATO can be used to address the core issues behind them.
Key STRATO Features
Context & Challenges
Fraud is estimated to cost the telecom industry over USD $38 billion annually by Deloitte’s estimates, or €40 billion according to Neural Technologies.
The financial losses stemming from just one subset of fraud, subscription identity fraud, can represent up to 10% of a Mobile Network Operator’s (MNO) bottom line, which is no small loss. Not only does fraud threaten the financial growth of the telecom industry, it also inherently undermines the integrity of all stakeholders and the value of the product.
The Telecom industry is facing a host of challenges in the context of our digital identities and their safekeeping. The depth and reach of fraud today can be divided into three categories:
Subscription Identity Fraud
In the future, this challenge has the potential to expand and become more nuanced as the industry looks towards emerging technologies such as 5G and IoS connectivity.
As the telecom industry grows, so do our digital identities and the corresponding potential for identity fraud in the space. With the advent of new technologies, it is more important than ever that the threat of identity fraud is addressed and controlled.
BlockApps STRATO can not only do this but also resolve the threat through its ability to provide new revenue streams, cut unnecessary costs, stream- line operations, and create one source of truth for transactions which inherently improves security.