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Communications Service Providers and the Fraud Management Challenge

According to Jason Lane-Sellers, Fraud and Security Offering Manager at Mobileum, Communications Service Providers (CSP) seem to be having a swell time. Presently, these telecomm service providers enjoy adequate data supply, better facilities to combat fraudulent practices, and an efficient medium to increase the bottom line – a far cry from what it used to be in the last few years.
In fact, this is indeed a new era for those telecomm operators seeking to fight fraud. Presently, an increasing number of these CSPs now have effective measure s to combat those sophisticated hackers and as well, acquire knowledge to boost their service delivery in new service areas. However, here is the catch; even with its numerous benefits, this data explosion poses serious challenges to the service providers.  
As the telecommunication providers globally records a lift in the expansion of its services with faster broadband, the introduction of 5G services with more connected devices, most providers are attaining the zenith of evolution in the telecommunication world. Considering, also, the movement of operators from voice to data networks, most fraud control systems are battling to breathe under the burden of trying to identify the loopholes and move with accuracy and speed required to avert likely loss of revenue.
In essence, most of the conventional fraud management systems seem to be unable to account for, and secure the extensive volume of data out there. With this, most operators are left with a significant amount of underutilized data. This has been a great source of inconvenience – one that is difficult to analyze critically.
One major problem with most fraud management systems is their inability to handle enough datasets. They cannot adequately account for variety, velocity and volume of important data. Also, the traditional systems do not have modern features and capabilities like machine-learning, mobility, and self-serving analytics. In short, some old management systems which CSPs still use today can only check fraud by evaluating aggregate call records.
With the above facts, it is clear that there is a potential threat; that fraud management is fast turning out to becoming a barrier, hindering CSPs effort to provide and enlarge its services until there is proper interpretation and control of fraud data.
While this may be out of their control, providers are normally well positioned to detect cases of fraud occurring on their networks through carrier traffic.  Instances of this involve data fraud, bypass fraud, and international revenue share fraud. Also, with the risk posed by IoT, as well as fraudulent apps installed on sensor networks, the weaknesses of most CSP systems are uncovered by these rising fraudulent machinery.
What’s the Way Out?
Now, the big question is, what proactive measures can these providers take to outsmart these fraudsters?  How can they scale through the hurdle? And how can they exploit the high volume of data at their disposal for the expansion of their services? Firstly, the CSPs should not focus on merely detecting fraud, but go a step further to looking inward and formulate effective strategies to upgrade their fraud protection techniques.
They ought to have an integrated, effective, and comprehensive measure of fraud and abuse control, based on a good blend of dynamic and well-programmed business regulations and policy control.
With a high level of detection accuracy, the providers can have better insight on the fraud data brought before them, and similarly, the signals it is sending to them. With risks like IoT, it suggests having the capacity to detect fraud without the rule and policy-based control machinery.
One applaudable technique used in tracking and averting real-time frauds is the introduction of predictive, large data technology, and machine learning. Besides, it provides extra benefits of building more measures and increasing the volume of data available for investigation and analysis. These goals can be achieved by incorporating an all-inclusive multi-protocol remedy that is quick, efficient, and acts as a booster to providers' present system capacities.
Apparently, the services and capacities of these telecommunication service providers are ever-evolving. Howbeit, only operators with in-depth knowledge understand the time and money-saving benefits of scaling through fraud data hurdles. Besides, it also encourages investments in new opportunities, within the telecomm sector, that, perhaps, might have been ignored.