Will artificial intelligence help eliminate telecoms fraud?
The single biggest threat to the telecoms industry is fraud, costing the profession an estimated £22 billion in 2017 alone, according to the Communications Fraud Control Association. As well as having a huge impact on finances, this level of fraud can also majorly affect an industry’s reputation. When it comes to mobile technology, fraudulent activity manifests itself in a multitude of ways. Common techniques used by fraudsters include offering free ringtones (that when downloaded automatically sign you up for a paid subscription to more), to sending missed calls, with the return call number charging a premium rate. With so many ways that criminals are taking advantage of our growing phone use, how can we prevent this?
One of the hottest topics in the industry at the moment is the advancement of Artificial Intelligence (AI) to help prevent telecoms fraud. No, we’re not talking about robots, but one of the many branches of AI known as ‘Machine Learning.’ The most effective ways AI can be utilized in this way is by its automation, analytics and virtualization. We’ve already seen a number of ways that phone companies are employing these techniques, such as face recognition and voice recognition, but it is the analytics in particular that could help see fraud decrease.
The analytical capacity of AI means intelligence from your phone use can be supplemented so operators can detect fraud faster. The way you use your phone can be completely analysed, so any irregular activity, traffic patterns or unusual trends can be flagged, potentially allowing operators to put a stop to fraud before it even occurs. As well as this particular benefit to AI, it is also believed that this technology can be used in further preventative ways. AI is believed to have the ability to detect any future risks that put all users of a particular operator at risk (such as bugs in software updates) and can manage these scenarios on a massive scale that would protect millions of customers.
As fraud schemes evolve and become more complex, it is essential that companies continue to look for ways that AI can benefit their customers and reduce revenue loss. But one thing’s for sure, based on recent findings, the effectiveness of Machine Learning so far gives hope that exciting things are to come. Call our team today on 01625 466600 to discuss how we can indemnify you against fraud.