According to a Frost & Sullivan survey, there are more than 3 billion mobile phones against 1 billion banking accounts in the world. This presents a great opportunity for Communication Service Providers (CSPs) to tap into this market. CSPs such as Orange, AT&T, Verizon, Safaricom are offering mobile money services to their customers, in order to leverage mobile penetration in their markets and also to beat the declining ARPUs associated with voice and data services.
As the adoption of mobile money increases, so does fraud. The mobile money environment is susceptible to different types of frauds & security threats (See whitepaper for more details) which need to be proactively controlled in order to avoid substantial financial losses.
Subex’s Fraud Management Solution for Mobile Money
Subex, a leader in fraud management is leveraging its ROC Fraud Management solution to prevent mobile money fraud. The solution’s real time in-line controls prevents fraud in real time. It validates registrations, financial flow, commissions and controls responses and transactions all in realtime, thus assuring the business process. Its powerful rule based engine monitors transactions for potential fraud and misuse. It performs thorough customer checks and provides risk scorecards with the help of its Know Your Customer controls. Since mobile money transactions contain highly sensitive information, the solution provides complete security by way of data encryption, masking and role based access.
- Decreased revenue leakage due to safer mobile transactions
- Proactive detection of fraudulent activity resulting in prevention of loss due to fraud
- Increased trust and customer satisfaction
- Reduced customer churn due to quick and safe mobile transactions
- Hassle free compliance with regulations such as AML