Findings: Subscription Fraud Still the Most Popular


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

Related Articles

Coding and Invention Made Fun

By: Special Guest    10/12/2018

SAM is a series of kits that integrates hardware and software with the Internet. Combining wireless building blocks composed of sensors and actors con…

Read More

Facebook Marketplace Now Leverages AI

By: Paula Bernier    10/3/2018

Artificial intelligence is changing the way businesses interact with customers. Facebook's announcement this week is just another example of how this …

Read More

Oct. 17 Webinar to Address Apache Spark Benefits, Tools

By: Paula Bernier    10/2/2018

In the upcoming webinar "Apache Spark: The New Enterprise Backbone for ETL, Batch and Real-time Streaming," industry experts will offer details on clo…

Read More

It's Black and White: Cybercriminals Are Spending 10x More Than Enterprises to Control, Disrupt and Steal

By: Cynthia S. Artin    9/26/2018

In a stunning new report by Carbon Black, "Hacking, Escalating Attacks and The Role of Threat Hunting" the company revealed that 92% of UK companies s…

Read More

6 Challenges of 5G, and the 9 Pillars of Assurance Strategy

By: Special Guest    9/17/2018

To make 5G possible, everything will change. The 5G network will involve new antennas and chipsets, new architectures, new KPIs, new vendors, cloud di…

Read More