BICS has announced it has blocked more than 500 million fraudulent call attempts using its FraudGuard platform, saving the industry millions of euros in lost revenue. Using its crowdsourcing model, FraudGuard identifies up to 100 new threats per day from its international partner networks, enabling operators to lead the fight against telecoms fraud.
BICS’ cloud-based crowdsourcing platform offers more than 800 of its partners access to a cost-effective fraud solution that enables them to share intelligence information in real-time. Intelligence available to carriers comprises of every unique fraud threat experienced by BICS partners around the world, allowing the other carriers to proactively protect themselves from future criminal attempts.
Telecoms fraud is widespread throughout the world with carriers reportedly losing hundreds of billions of euros every year. Using FraudGuard, much of this revenue loss could be prevented by monitoring the billions of minutes flowing through BICS’ network and real-time information from partners. One leading operator group based in an emerging market saved 320,000 euros of revenue within the first three months of deploying FraudGuard.
BICS’ FraudGuard is fortified with revenue analytics provided by cVidya to deliver a fully integrated solution to help carriers combat telecoms fraud. The end-to-end surveillance capabilities of the platform across the network offer real-time detection and optimum coverage of a wide range of fraud types. Dedicated packages within the solution are targeted at the increasingly sophisticated fraud practices to which telecoms is subjected, including PBX hacking, IRSF, Artificial Inflation of Traffic, and Wangiri.
“Proactivity is key to combatting fraud,” said Jorn Vercamert, Vice President of Voice at BICS. “It is no longer cost efficient, nor effective, to implement counter-measures after fraud has affected a network. BICS’ FraudGuard solution offers a dynamic tool to proactively fight the growing financial loss accrued by carriers.”
Katia Gonzalez, Head of Fraud Operations & Services at BICS added: “BICS is in a unique position to lead the battle against telecoms fraud. By monitoring the billions of minutes of traffic passing through our network, BICS has complete visibility of any unusual trends that highlight fraud activity. This allows us to notify our other partners in real-time and prevent the problem arising elsewhere.”