Fraud – A $38 Billion Problem for Telcos
Communication Service Providers (CSPs), today, face an increasingly complex battle fighting fraud on a day-to-day basis against sophisticated cybercriminals and gangs. It estimated that the Telecom industry loses over $38 billion every year to fraud, and it continues to grow at an alarming rate. As CSPs continue to rapidly expand into new territories with innovative product bundles, and offerings, it invariably increases the potential for fraud, negative margin, and arbitrage.
Legacy Systems and approaches to Fraud don’t work anymore
Criminals are increasingly adopting hyperscale techniques to perpetrate fraud quickly and more efficiently than ever before. A cyberfraud gang can set up, go to work, and disappear in 24 hours or less, often before an operator even knows the fraud or arbitrage attack is happening.
Many carriers are trying to defend themselves with legacy approaches and technology that rely on:
- Silos of data across multiple systems
- Rules based on old known, patterns of fraud
- Batch approaches using ETL/EDW
However, using siloed data and applications allows criminals to fly between the systems evading detection. Existing systems simply don’t work anymore. They either:
- Fail – Don’t discover new or unknown “zero-day” fraud attacks
- Overwhelm – Bombard users with false positives
- Operate in Batch – Discovering fraud threats too late
Utilizing Apache Hadoop to Fight Telco Fraud
Cloudera together with Argyle Data has developed an innovative, next-generation, Hadoop based fraud analytics platform that enables CSPs to effectively drive down fraud, by helping them detect 350% more fraud in real-time, minimize false positives and drive down revenue leakage by discovering threats that are invisible to traditional systems.
By utilizing Apache Hadoop, along with machine learning capabilities, Telcos can now look at more data sources, more often, in real time, across all of the different silos to effectively identify and tackle fraud.
Join us along with Argyle Data for an interactive webinar on Apr 12th that highlights how CSPs can utilize Apache Hadoop to minimize fraud and revenue threats.
Some of the key aspects that will be covered as part of this webinar include:
- Challenges with legacy fraud analytics platforms & methodologies
- Utilizing Apache Hadoop for real-time fraud analytics
- Cloudera – Argyle Data Hadoop based fraud analytics platform
- Demo of the real-time Telco fraud analytics platform