Telecom frauds at a glance

It is estimated that fraudulent practices by Telecommunication Companies the sector $40 billion the world over. Despite the best efforts of authorities, operators and the like, miscreants seem to be a step ahead with billing systems and general vulnerabilities in networks being the main areas that they target to carry out their criminal activities. Fraud is huge cause of concern to both operators and customers alike. Operators can lose out on rightful revenue whilst customers can end up being charged for services that they haven’t opted for. There are many ways in which the threat of fraud can be minimized. Social media monitoring is one of the measures that can be undertaken towards this end. Companies should have a stern eye on social media websites so as to ensure that fraudulent offers such as ‘free calls’ are dealt with immediately. Educating customers regarding the existence of such schemes is another method to reduce the chances of deception taking place. FCUs (Fraud Control Units) can be set up and telecom companies can use pre-defined data analytics to identify fraud patterns that may lead to potential fraud. Yet another way to deal with this issue is to enlist the help of forensic experts that have extensive experience in the industry. Many companies have KYC norms that are open to attack from fraudsters and these should be shored up in the best way possible so that impersonation of customers does not occur. If criminals are identified, companies should make sure that law enforcing agencies are alerted and that justice takes its due course as this will most likely be a deterrent to budding fraudsters. Anonymity on the internet gives false strength to people who indulge in these kinds of activities. It is up to customers and operators to work hand in hand to ensure that telecom fraud is done away with, or at least, minimized.

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