Why Traditional Anti-Fraud Systems Can Only Chase Today’s Fraud?
As technology improves and AI evolves at the forefront of innovation, the methods of fraudsters are becoming ever harder to detect, prevent, and manage. Since the outbreak of COVID-19, the rate of telco fraud has skyrocketed, with some reports indicating an annual increase of up to 30%, totalling to $3 trillion in 2021 alone.
Thus, operators are reaching into the mastery of AI, to meet the problem directly at its very dynamic face, with AI driven anti-fraud solutions to combat modern fraud one step ahead, rather than running behind. Such is the Sinapsio Suite.
However, What Makes Today’s Fraudster so Powerful?
Increasingly autonomous and high tech & sophisticated fraud-systems are accountable for an increasing share of disruptions in the telco world. Fraud strategies are getting more and more intelligent, such that traditional systems cannot even detect them while they result in large margin losses. The availability of widespread AI products alongside highly specialised machine learning tools creates new challenges, especially due to AI’s ability to absorb personal data through both voice and messages.
Fraudsters equipped with machine learning algorithms are extremely adaptive and elusive, forcing operators to either accept this ‘game of catch’ or to face some unpredictable consequences ranging from loss of margin and customers to constant disputes and various other worries. Worryingly, these hazards target a variety of operator infrastructure elements and show no signs of slowing down. Their large aggregation of data and its analysis, allows fraudsters to cultivate and evolve the best attacking-methods, often autonomously. Due to the adaptive powers of these technologies, the realm of threats is transforming at an unexpected rate, demanding for highly resilient and agile fraud-prevention tactics. Especially in conventional systems, it has become next to impossible to prevent today’s innovative attacks.
Thereby, unprotected operators are risking not only their customer’s integrity and trust in them, but also an ultimate fragility to ruined reputations, increased overhead expenses, and major bandwidth and revenue losses.
How can Telcos Protect Themselves in this changing fraud landscape?
So what can operators do to protect their networks?
In the world of tech-driven fraud, operators have no alternatives but to act preventatively. This includes promoting real-time fraud monitoring and developing fast-paced and highly integrated reporting systems; to not only catch but also prevent fraud instantaneously. The essential mindset of anti-fraud departments must lie in being ahead of the danger, rather than reacting to it, as it will have changed and evolved before protective shields are developed.
There is much there can be done by telco operators to protect themselves from the evolving Fraud. However, with todays attacks, traditional anti-fraud methods cannot ensure 24/7 real-time protection, as even the strongest traditional systems still require operators to chase fraud, rather than block it ahead of time.
Thus, AI solutions are not only faster and more efficient at detecting the accurate frauds that occur on operator’s networks but evolve ahead of the rising dangers. Ultimately, AI solutions like those offered by Sinapsio are inevitable to prevent revenue losses while simultaneously saving long term costs.
Sinapsio offers comprehensive AI-powered solution, to target AI-based attacks. We are armed with cutting-edge technology and expertise, allowing us to tackle fraud head-on, ensuring the telecom business remains resilient in the face of evolving threats.
We Tackle AI Fraud – with Smarter AI.
Sinapsio’s suite includes separate modules, that work robustly together and can be integrated into any telco infrastructure. The modules are perfectly orchestrated and work silently in the background.
In combination, these 4 pillars provide precisely the active and immediate responsiveness that is needed to combat any modern and even AI-generated fraud.
All, while allowing operators to maintain the optimal customer experience and security while critically cutting revenue losses by focusing on the future of anti-fraud; fraud-prediction and pre-emptive action.