Findings: Subscription Fraud Still the Most Popular

By Matt Paulson May 20, 2014

A recent study, conducted by Neural Technologies, has determined that subscription/identity fraud is still the leading method for users attempting to fraudulently gain access to services. Additionally, these reports are corroborated by last year's CFCA 2013 Global Fraud Loss Survey, which also showed that telecom companies are battling this type of fraud more than any other. Neural Technologies is a key provider of risk management solutions, so they conducted this survey in order to optimize revenue in the face of fraudulent attacks for all of its customers.

Neural Technologies collected this data during their 2014 User Forum, where mobile network operators from all over the planet met to share their experiences and ideas for fraud trends in both the present and the future. During this forum, which featured both case studies from customers and the latest product information from Neural Technologies, the company's different customers noted the increasing frequency of subscription and identity fraud.

One member of the forum, a representative from Vivacom, stated that “In addition to the flexible and wide range of the Neural products portfolio, the user forum has achieved the objectives set for the exchange of information, knowledge and experience, in terms of fraud prevention, between users from all over the world, which was very useful and beneficial.”

Though this style of fraud has been popular for years, the malicious groups that undertake the task are becoming increasingly creative. Fraud attempts are not just more powerful and able to exploit account takeovers and weaknesses in online Web portals, but the ways in which these identity frauds are undertaken have also increased in variety. Hackers are targeting private branch exchanges (PBX) to gain access to services in a high-tech approach, yet even lower-tech methods like stolen phones, sleeper accounts and simple social engineering are also incredibly effective.


Edited by Rory J. Thompson

TechZone360 Contributing Writer

SHARE THIS ARTICLE
Related Articles

Bloomberg BETA: Models Are Key to Machine Intelligence

By: Paula Bernier    4/19/2018

James Cham, partner at seed fund Bloomberg BETA, was at Cisco Collaboration Summit today talking about the importance of models to the future of machi…

Read More

Get Smart About Influencer Attribution in a Blockchain World

By: Maurice Nagle    4/16/2018

The retail value chain is in for a blockchain-enabled overhaul, with smarter relationships, delivering enhanced transparency across an environment of …

Read More

Facebook Flip-Flopping on GDPR

By: Maurice Nagle    4/12/2018

With GDPR on the horizon, Zuckerberg in Congress testifying and Facebook users questioning loyalty, change is coming. What that change will look like,…

Read More

The Next Phase of Flash Storage and the Mid-Sized Business

By: Joanna Fanuko    4/11/2018

Organizations amass profuse amounts of data these days, ranging from website traffic metrics to online customer surveys. Collectively, AI, IoT and eve…

Read More

Satellite Imaging - Petabytes of Developer, Business Opportunities

By: Doug Mohney    4/11/2018

Hollywood has programmed society into believing satellite imaging as a magic, all-seeing tool, but the real trick is in analysis. Numerous firms are f…

Read More