23rd February 2016
Irish start up takes on the telecom industry’s biggest threat with launch of new fraud solution XINTEC, the Irish-based global provider of telecoms fraud prevention solutions has launched an exclusive new service designed to help operators combat International Revenue Share Fraud (IRSF), the biggest revenue threat facing the industry in today’s digital society.
FraudStrike is a specific package comprising a database of over 200,000 test-call numbers, and a set of detection techniques developed exclusively by XINTEC to ensure early detection and prevention of IRSF incidents. The result is a major saving in revenue for operators across the globe who are struggling to keep pace with ever-evolving fraud threats. The service has already been adopted by global players such as Orange and Digicel, both of whom have advocated the service.
International Revenue Share Fraud (IRSF) costs the telecommunications industry billions of dollars’ in fraud losses each year. Despite great work by telcos and supporting organisations over the past number of years, the problem remains, and is likely to remain for the foreseeable future. In 2015, the Communications Fraud Control Association (CFCA) commissioned a report which found an increase of 497% in IRSF, accounting for over €10.7billion last year alone.
Commenting on the launch of the service, Rob Durran, general manager, XINTEC, said “Our business model is built on the premise that we can offer customers solutions to stem fraud and revenue leakages but without the heavy up-front costs of other suppliers. With FraudStrike we’ve repeated that model by offering a highly effective solution to a global problem, but in a leaner, more scalable and self-sustaining way.
“FraudStrike is quick and easy to install, and can either by hosted by XINTEC or self-managed by the provider so that they have total control. IRSF is a constant threat, but not something that operators should have to invest large amounts of resources in, and that’s exactly where FraudStrike comes in. We offer all of the protection with none of the hassle and cost associated with traditional fraud systems”, he added.
The number of International Premium Rate Number (IPRN) resellers – the agents that can make IRSF numbers available to fraudsters and others – continues to grow. In 2009, a total of 17 IPRN resellers were identified globally. Today, XINTEC are aware of over 110 of these, representing a 480% increase in the period. There is little doubt that the significant increase in resellers is driven by the huge revenues that can be achieved through fraudulent use of the numbers advertised.