India ranks as the top 5 hot spots for Telecom Fraud
Estimated annual global fraud loss was $72-$80 billion in 2008 which is approximately 4.3% of telecom revenues. The estimated global fraud loss has increased by 34% from $54-$60 billion in 2005 to $72-$80 billion in 2008.
Top 3 fraud types are:
The top 5 hot spots (destination countries) for fraud are Cuba, Philippines, Liechtenstein, India and United Kingdom
- Subscription/Identity Theft: $22 billion
- Compromised PBX/Voicemail systems: $15 billion
- Premium Rate Service Fraud: $4.5 billion
(Source: CFCA fraud survey 2009)
|About the Event:
The Indian telecommunications industry is one of the fastest growing in the world, with emerging new opportunities and is one of the major infrastructure backbone support for the growing economy. With rapid growth and expansion come new risks. These risks can be mitigated, if operators pro-actively address telecom fraud management issues within their corporate strategy.
It can be considered that telecommunication fraud is set to rise further with the advent of new services such as 3G and Voice over Internet Protocol (VoIP).
Understanding the nature of fraud is the first step to reducing revenue leakage. The second being prevention, detection, investigation and internal controls that can be taken by operators individually and collectively as an industry.
This interactive forum gives an opportunity to all participants to share their experiences, learn from each other as well as create a discussion platform on best practices for dealing with frauds in an open environment, to collaborate and bring about the regulatory changes which will help in mitigation strategies.
TFM 2010 is one of the first forums in India which will encourage thoughts on how the industry can co-operate better, discuss best practices in fraud prevention - both external and internal as well as developing a fraud a response and investigation plan.
Consider that fraud besides having an adverse effect on the bottom line, which can be between 2-5% of the revenue, it ruins customer perception with consequent quality issues arising due to fraudulence use of your network.
Considering that fraud besides having an adverse effect on the bottom line, ranging between a 2-5% of the revenue, ruins customer perception with consequent quality issues, arising due to fraudulent use of your network.
And besides it is the duty of telecom operators from being unwitting accessories to organised crime and terrorist activity.
Top 7 Reasons to attend the conference:
- 1. Gain insights into the real impact - beyond financial losses of telecom fraud on operators, customers,
- 2. A unique forum which includes participation by regulatory, legislative and law enforcement agencies
discuss support needed for proactive response strategies needed for tackling fraud
- 3. Discover and brainstorm on evolving fraud risks and future fraud in new product launches, NGN and
- 4. Discuss the evolving role of the FM, CIO, CTO, internal auditor, revenue assurance, corporate
governance,legal, risk manager and compliance in detecting and deterring telecom fraud
- 5. Debate and confer on how can the industry collaborate better? What are the current barriers facing
collaboration and how can they be dealt with?
- 6. Counsel on what is the right approach to follow when you detect a fraudulent activity in your network,
including evidence collection needed for legal pursuance?
- 7. A participative and an inclusive event which will be driven by top issues and concerns facing
through an extensive feedback survey before and on the event day