How to stay ahead of fraudsters with the latest technology: insights from Onyx FMS

Fraudulent activities increase with developments in technology. Each time a new software comes into the market, cybercriminals find a new way to exploit it and take advantage of unsuspecting mobile users.
Fraud management systems
Some of the recent fraudulent activities have centered around International Revenue Share Fraud, Wangiri fraud, and interconnect bypass fraud. A good example would be roaming fraud, where fraudsters use SIM cards in roaming to accrue high costs passed on to mobile network operators. These activities not only defraud mobile users but also mobile network providers who bear the brunt of the illegal acts. Luckily, mobile network providers do not have to wait until yet another fraudster gets the better of them. Instead, they can be proactive by investing in fraud management systems like the Onyx FMS.

What is a Fraud Management System?

In the past, mobile network operators have employed significantly less sophisticated methods to stop fraud. In a way, they could only wait until fraudsters acted so they could figure out how to address the latest scam. Unfortunately, this wait-and-see approach resulted in losses on the part of mobile users and mobile operators. As a result, the faith in mobile network operators dwindled, as did their revenues. Advanced fraud management systems changed all this by enabling operators to weed out fraudsters even before they could act. And with such a system in place, you can be proactive instead of reactive as you stay yards ahead of cybercriminals.

The Onyx FMS

Fraud management systems come in many forms. The Onyx FMS excels by integrating traditional fraud management systems and machine learning. Thus, it can use rule-based systems to nab cyber criminals who use known fraudulent paths. And it can also predict fraudulent behavior, stopping criminals in their tracks before they can cause any real damage. But how does the system work?

  1. It detects and prevents fraud in real-time: The Onyx FMS relies on a synergy of rule-based approaches as well as machine learning. Thus, it can detect fraudulent acts which have existed before and can also gauge when any network activities showcase an anomaly. So, fraudsters barely have time to regroup before the system shuts them out.
  2. It detects new fraud patterns: The previous wait-and-see approaches cost mobile network providers a lot of time and money in solving arising issues. But with machine learning, you can gauge when a pattern is likely fraudulent in real time. And you can curb the activities before they have the chance to cause significant harm.
  3. It learns from itself: Unlike previous systems requiring mobile operators to keep developing the rules, this machine learning concept can learn without interference. The system uses data from past and present attacks to understand cybercriminals, thus remaining a step ahead of fraudsters.
  4. It is versatile: The FMS relies on open architecture, allowing you to implement it in other tasks such as predictive network maintenance and network security. You can get more value for your money by having your team exploit these other arenas to boost your operations.

Besides all these, the FMS has a centralized database which you can use to learn about attack types that have been targeted at other operators. This way, you can be alert and analyze the data to keep abreast of the current fraudulent acts.

Using the Onyx fraud management systemgoes a long way in building your reputation by combating fraud at all levels. It also boosts your revenue as you will significantly reduce losses from IRSF, Wangiri, interconnect bypass, and other fraud types.

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