WeDo Technologies, a worldwide leader in revenue assurance and fraud management, has launched a new application (app) that will help service providers reduce their International Revenue Share Fraud (IRSF), the leading form of fraud costing operators $10.76 billion per year1.
The RAID.Cloud IRSF App is WeDo Technologies’ answer to the rising occurrence of this type of fraud, which has increased 500 percent between 2013 and 2015 – according to the Communications Fraud Control Association. Leveraging cloud-based technology, service providers can fast track the deployment of the solution and then quickly and easily upload data to the app, where it is automatically assessed against the pre-integrated rules to detect fraudulent activity. The app’s detection engines identify suspicious network activity and continuously evolve to recognize new trends and threats. The alarm management tool, which provides insightful notifications, ensures service providers are instantly aware of any fraud types impacting their business. The app also comes with pre-integrated global hotlists of known fraudulent premium rate numbers, further accelerating results.
“IRSF is the most challenging type of fraud to eliminate due to the complexity of the mobile network ecosystem and because it involves multiple operators. RAID.Cloud’s IRSF application resolves a number of vulnerabilities that fraudsters continue to exploit in the system by providing near real-time exchange of data and advanced data analytics technology to identify new and emerging threats. The launch of this app further reinforces WeDo’s commitment to invest in cloud-based solutions that deliver our customers a fast time-to-market and accelerates their results,” said Rui Paiva, Chief Executive Officer of WeDo Technologies.
A common example of IRSF is the ‘wangiri’, or missed-call scam, whereby fraudsters use automated systems to continuously dial mobile numbers for less than a second, which then appear on the user’s handset as a missed call. If the recipient returns the call, they are then often unknowingly calling a premium-rate service. These charges will go towards the subscriber, who will typically dispute them when they appear on their bill. Often, the service provider will carry the loss for this fraud, which can cost them up to $100,000 in a matter of hours of the scam becoming operational.
RAID.Cloud provides a simpler, faster, smarter approach to managing telecom fraud. By leveraging the cloud, RAID.Cloud saves integration time and reduces costs with its self-service and user friendly, on-the-spot onboarding process. In addition to the IRSF app, RAID.Cloud also provides groundbreaking apps for digital risk profiling, customer experience (CX) and crowdsourced service assurance analytics. A 60 day free trial of the RAID.Cloud IRSF App is now available by visiting http://www.RAID.Cloud
1 2015 CFCA Global Fraud Loss Survey, Communications Fraud Control Association