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Defining Telecoms Fraud
Fraud can simply be defined as “dishonestly causing loss to another”. In the case of telecommunications, this includes the procurement or use of products or services with the intent to evade payment or cause loss.
All Communications Service Providers (CSPs) and their customers are exposed to fraud of one form or another. The increasing range and complexity of communications products, services, and features appear to provide a host of new fraud opportunities. In fact, upon closer examination, the basic fraud types remain much the same with variances merely in the detailed method of perpetration, often due to technology or process weaknesses exposed. Also, it's worth bearing in mind that the most common fraud type remains 'subscription fraud' and that a significant proportion of fraud has 'insider' involvement to either facilitate or magnify the fraud; both challenges not really relating to the nature of the products being abused.
Why Improve Fraud Management?
Fraud is rarely a good thing (exceptions sometimes being if you are the recipient of fraudulently generated inbound interconnect or roaming traffic) and can severely affect market reputation, customer experience, revenues, and costs. In a best case scenario, fraud costs a fraction of one percent of total business revenue. Worst case can reach double-digits, especially when looking at specific product and service revenues.
Some of the more tangible reasons to improve Fraud Management include...
- Reduce fraudulent bad debt
- Protect customers from direct fraud impact; service access, utilization, and cost
- Improve product or service profitability
- Defend against regulatory sanctions
- Reduce cost of management overheads; prevention focus
- Enhance customer engagement when affected by fraud; turn a negative issue into a positive relationship building experience
- Deter fraud attack; fraudsters will generally take the path of least resistance
- Build reputation for secure and high-integrity services, attracting new business
- Improve functional efficiency and effectiveness to save costs and improve impact
- Enhance Fraud Detection and Response to radically change the fraudster business case.
Packages We Offer
AssuringBusiness provides proven expertise and methodologies to ensure that your Fraud Management targets are met.
Fraud Health-check - a fixed duration and cost review focussed on key products, services, and process components to generate rapid results. It is both a tactical tool to identify and implement immediate key changes and benefits, and a strategic tool to lay a foundation for continuous improvement and cross-business alignment. Typical review periods are 2-4 weeks depending on exact scope.
Fraud Management Operations Performance Uplift - targeting performance quick-wins and itemizing a detailed plan for improvement of existing policy, process, practice and automation platforms. The goal is to squeeze significantly more value from the existing investment in the fraud management components deployed.
In particular, we have significant experience in optimizing the performance of the Fraud Management Systems in use, helping to avoid the common tendency to replace underperforming technology at great expense.
Fraud Risk Assessment - review of the relevant product, service, technology and operational components in scope to identify and assess fraud risks. This option enables a more comprehensive review of fraud risks and may be undertaken for specified product, service or functional areas, or as a broad risk and improvement opportunity assessment.
Advisory and Bespoke Review - our expertise can be leveraged towards specific areas of interest or support as required, for example, building appropriate fraud prevention into a specific product or fine-tuning the Fraud Management System (FMS) to improve performance. A proposal may be generated following appropriate requirements discussion.
Ready to protect your business and customers?
AssuringBusiness partners with clients to review and improve entire products, services or processes, or tweak individual components to enhance performance. Covering any or all aspects of Fraud Management practices - prevention, detection, analysis, and response - our consultants will supply all necessary practical advice and lead or support change implementation as required.
Our expertise in the end-to-end Fraud Management process means that we can engage with all business touch-points to align and achieve a common set of goals that satisfy product, customer, risk, regulatory, and financial management needs.
Our consulting capability stems from expertise developed in the major UK fixed and mobile telcos in early 90's and has evolved to cater for today's technologies and business structures. We serve all tiers and types of service provider across all technology, product and service types globally.
Take the next step to improving your fraud management practices...
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