The financial impact of telecoms fraud is massive and it could soon impact everyone.
In the past, telecoms fraud was rarely discussed by the industry because of fears of inspiring copycat crimes. It was often referred to by insiders as “the telecoms industry’s dirty little secret”.
But now, with the increasing spate of crimes impacting consumers – including ‘Wangiri fraud’, whereby mobile customers are enticed to return a missed call at a huge cost – the secret is out.
Siliconrepublic.com previously reported on instances of private branch exchange (PBX) fraud whereby telecoms devices in businesses could be easily hacked using a combination of codes. Unsuspecting businesses could end up with bills worth tens of thousands of euro as their phone systems are used to enable calling card scams around the world.