Big Techs are the most powerful companies in the digital space. Their products and services are used and relied upon globally by millions of businesses and individuals alike. Yet, the massive reputation of these tech giants is putting them at the top of the target list for bad actors, causing them to lose millions to fraud every year.
According to the Communications Fraud Control Association (CFCA), fraud costs global telecom companies $39.89 billion in revenue losses a year. Artificially generated traffic, which is considered part of Artificially Inflated Traffic (AIT) is a growing factor contributing to these losses and a challenge that is continuing to impact more contact centres.
AIT takes place when fraudsters exploit online services to create fake traffic using automated software programmes to send out large numbers of call and message requests to generate revenue. This is achieved through deploying a bot which then requests a one-time password (OTP), two factor authentication (2FA) or a call back to a premium rate or ghost number. This process is repeated with thousands of numbers, resulting in big losses for the world’s largest technology companies.
The Fraud Challenge for Big Tech
Billions of users rely on Big Tech for the digital services they leverage every day. This makes those companies an attractive target for fraudsters due to the large profit they can make from AIT.
Without proper systems in place for traffic validation, users will turn to communications platforms they consider to be more reliable. This has the potential to cause irrevocable losses and reputational damage to the voice and messaging industry.
To stay ahead of evolving AIT tactics, tech giants need to find a way to rapidly pre-validate the numbers in their systems before outbound voice and messaging activities are initiated. This is not only to reduce fraud, but to build and retain trust to ensure the telco ecosystem can continue to grow to benefit end users.
Restoring Trust in Telecoms with Intelligent Data
With access to the right GNR and MNP provider, Big Tech companies can save costs, drive trust, and ensure they are maximising efficiency within their voice and messaging operations. With the right solutions in place Big Tech can focus on:
- Predictable Margins. The right solutions will allow an easy way for contact centres to limit wasted and costly outbound calls and message requests. This enables Big Tech companies to mitigate fraudulent and invalid numbers and increase profitability.
- Expert Data Management Support. Big Tech companies need a solution provider that can deliver expertise and insight into using numbering intelligence to maintain and onboard data. They need a partner that enables their contact centres to enhance their systems and applications.
- Continually Refined Data Sets. The right solutions will be underpinned with data sets that are continually updated, refined and cleaned to maximise accuracy and trust.
- Data Consolidation. The consolidation process needs to be as streamlined as possible for Big Tech to operate their telco services with ease and efficiency. The right solutions will enable contact centres to manage multiple sources of data within one system, allowing agents more time to focus on other areas of business.
- Comprehensive Compliance. It’s important that the solutions deployed enable contact centres to meet privacy and regulatory requirements with ease and at lower costs.
Protecting Future Revenue Streams
Fraud mitigation is only the beginning for what Big Tech companies can achieve with GNR and MNP. Harnessing these powerful solutions enables these industry giants to benefit from sophisticated routing, reduced termination costs and service level improvements. Ultimately these solutions can play a crucial part in restoring trust and securing the future of the voice and messaging industry.
When organisations have the right data and processes underpinning their voice and messaging operations, only then will they be ready to focus their efforts on maximising revenues based on legitimate and verified traffic.
For more information on how you can arm your business against the Artificial Inflation of Traffic, please contact us here.
