Subex, the telecom analytics solutions provider, has announced to alliance with the Risk & Assurance Group (RAG) to provide a block chain-based fraud management solution to its customers.
As part of this alliance, Subex becomes part of the RAG Wangiri Blockchain Consortium which seeks to use Blockchain technology to gather real-time industry threat intelligence about fraudsters. The consortium includes some of the world’s leading Communications Service Providers (CSP) from North America, Europe, Africa, and Asia.
Fraud continues to be a major problem for telecom operators, costing them billions of dollars annually. With technology enabling fraudsters to outsmart traditional fraud management controls, solutions that can enable data exchange in real-time are the need of the hour for operators.
By partnering with the RAG Wangiri Blockchain Consortium, Subex aims to provide its customers with a decentralized and cryptographically secure blockchain ledger of fraud-related information. The ledger is already supported by CSPs across the globe, synchronized and made available to all consortium members in real-time.
Subex will make it easy for users of their ROC Fraud Management solution to update and utilize this common repository. The improved quantity, quality and timeliness of fraud-related data will benefit Subex’s clients whilst helping the whole industry by increasing the number and diversity of CSPs that share information about fraud. The first use case focusses on Wangiri fraud, which is a global and increasing problem for telcos and their customers.
Rohit Maheshwari, Head – Strategy and Products, Subex said, “The threat of fraud is ever-looming and telecom operators are consistently challenged to keep up with the increasing sophistication of fraudsters in today’s digital ecosystem. While data exchange between operators has always been touted as a solution to the problem, past industry efforts have been limited and largely offline.
RAG Wangiri Blockchain as it enables an API based mechanism for telecom operators to exchange data, allowing them to respond to threats faster than ever before. We believe this is a great opportunity for the industry to come together and move collectively against fraud. Moreover, from an organizational standpoint, this is in line with our aspiration to play a role towards enabling collaboration and contributing further to the fraud management community.”
Eric Priezkalns, Chief Executive of RAG said “The telecoms industry has repeatedly tried to use common databases to share information about crime, but the results have usually been disappointing. The distributed and secure nature of Blockchain eliminates many obstacles to the exchange of data, which is why a wide range of telcos have already joined our anti-wangiri consortium.
Linking Subex’s market-leading Fraud Management System to our Blockchain ledger will make it even more straightforward for telcos to contribute and receive fraud intelligence from other telcos within their country and overseas.”
(Image courtesy: www. internetofbusiness.com)