When you mention falling victim to ‘telecoms fraud’, most people assume this means their phone’s been hacked and they’re going to receive an eye-watering bill for hundreds of lengthy international calls.
However, the kind of fraud we’re talking about is quite different.
For example, have you ever received a call from a ‘familiar’ mobile number, but something doesn’t quite seem right? Phone fraudsters have tapped into a new technology that lets them present a different number to the one they’re calling from, a technique known as ‘spoofing’.
At Invosys, we’re on a mission to ensure nobody — whether you’re an individual or a business — gets caught out by fraudsters looking to steal valuable details.
A NIGHTMARE EXAMPLE
One of the scariest scenarios of caller fraud is when criminals get hold of an individual’s phone number and account number and ring various banks to establish which bank the phone and bank numbers are registered to. With just a phone number, fraudsters can pass a level of security when a bank recognises the number, as the menus relayed to the caller vary if the number is registered to the bank or not.
Once they’ve established which bank an individual is registered with, fraudsters can take advantage of the automated menu system that many banks have in place, trying every series of digits possible to pass the next security level. You can make a considerable number of changes to an account just via the auto-attendant platform — all without speaking to an actual person who could suspect unlawful activity. And the worst part is: all of this can happen with just a phone number.
We’ve seen this kind of fraud occur time and time again, as banks can’t identify which callers are fraudulent and which are genuine before the call connects.
Equally, fraudsters can contact individuals presenting their bank’s number and harvest all the details they need that way.
Whatever kind of caller fraud we’re looking at, swathes of sensitive personal data are at risk if you’re unaware of the tell-tale signs.
Unfortunately, it’s not practical to teach everyone what to look out for when attempting to identify caller fraud. This kind of crime takes place on a highly organised basis. These criminals regularly ensure their methods change to ensure they’re impenetrable.
So, how do you weed out the fraudulent callers?
A SOLUTION TO CALLER FRAUD
Over the past couple of years, we’ve been working on a brand-new security offering that enables institutions and individuals to identify whether they’re receiving a fake or genuine call. A business can migrate its numbers onto our platform from where we can monitor all inbound and outbound calls, keeping an eye out for any suspicious activity.
For example, if a bank registers to the Invosys fraud analytics platform, we can see where their calls are actually coming from. If we’re suspicous of a call, we can give them the opportunity to handle that call differently‚ whether that looks like rerouting through to a specialist team, recording it or dropping the call altogether. We can clearly see that if a “mobile” number has made hundreds of calls in five minutes, the caller is unlikely to be genuine.
Our new fraud platform allows customers to identify whether the call could be fraudulent before it connects, saving time and, more importantly, safeguarding sensitive and valuable details.
While we’ve used banks as an example, we’re offering our new fraud solution to everyone. In an ideal world, charity or safety helplines should only be answering calls from those who really need help. But how do you identify whether a call is real before answering it? Could you risk diverting a call from someone in need? Invosys’ new fraud platform ensures you’re only answering the right calls.
AN INTELLIGENT PLATFORM
Our new software also uses AI to generate intelligent algorithms. We’ve designed the platform so that it’s continuously learning from the fraudulent calls it picks up and can identify patterns quickly.
Implementing AI into the platform was imperative for us. Fraudsters can see if their processes are being detected and will constantly adapt their methods to slip through the net. However, the use of AI and machine learning means we’re able to identify any changes in fraud patterns immediately, ensuring criminals are blocked at every instance.
We’re launching this all-new solution to caller fraud in early 2022, so keep an eye out for its official arrival.
Want to know more about the new fraud identification platform or simply want to know more about caller fraud? GET IN TOUCH TODAY, and one of our friendly telecoms experts would be delighted to help.