WeDo Technologies, a worldwide leader in revenue assurance and fraud management, has launched a new application (app) that will help service providers reduce their International Revenue Share Fraud (IRSF).
The RAID.Cloud IRSF App is designed to tacke IRSF which is the leading form of fraud costing operators $10.76 billion per year, according to WeDo.
Leveraging cloud-based technology, service providers can fast track the deployment of the solution and then quickly and easily upload data to the app, where it is automatically assessed against the pre-integrated rules to detect fraudulent activity.
The app’s detection engines identify suspicious network activity and continuously evolve to recognize new trends and threats. The alarm management tool, which provides insightful notifications, ensures service providers are instantly aware of any fraud types impacting their business. The app also comes with pre-integrated global hotlists of known fraudulent premium rate numbers, further accelerating results.
A common example of IRSF is the ‘wangiri’, or missed-call scam, whereby fraudsters use automated systems to continuously dial mobile numbers for less than a second, which then appear on the user’s handset as a missed call. If the recipient returns the call, they are then often unknowingly calling a premium-rate service. These charges will go towards the subscriber, who will typically dispute them when they appear on their bill. Often, the service provider will carry the loss for this fraud, which can cost them up to $100,000 in a matter of hours of the scam becoming operational.
Rui Paiva, CEO, WeDo Technologies
IRSF is the most challenging type of fraud to eliminate due to the complexity of the mobile network ecosystem and because it involves multiple operators. RAID.Cloud’s IRSF application resolves a number of vulnerabilities that fraudsters continue to exploit in the system by providing near real-time exchange of data and advanced data analytics technology to identify new and emerging threats.
