The Dark Side of the Moon
In discussing the 1969 Apollo Moon landing, Neil Armstrong once said “We tried very hard not to be overconfident, because when you get overconfident, that’s when something snaps up and bites you”.
Apart from the occasional lack of atmosphere, the overlap between being a Fraud Manager and being an Astronaut isn’t that obvious. However, the dangers of being overconfident very much apply to both roles and it is essential that a Fraud Manager never sits still and assumes that all risks are covered.
The life of a Fraud team is always hectic and it can be very difficult just to keep on top of all the alarms, reports and referrals coming your way. Finding time to take a step back and look at the full spectrum of fraud risks is not a luxury that many, if any, Fraud Managers have at their disposal.
Common fraud types such as Subscription Fraud, Bypass, IRSF and PBX Hacking generate a huge number of cases and can be difficult to investigate and take preventative action against. In fact, just those 4 fraud types alone keep many Fraud teams more than busy throughout the week.
This is quite understandable given the losses associated with these frauds. However, when you consider that there are more than 40 fraud types listed in the GSMA FF Manual, the potential for a Fraud team to end up exposed to some significant risks is clear.
Furthermore, it’s not just the fraud types which are not addressed that can present a problem. There is also the risk that one of your core frauds mutates and leaves you blindsided. If we take the example of Subscription Fraud, there are so many variants that it can be very difficult to keep track and ensure that you have the appropriate prevention and detection in place.
Insight is what you need to avoid major fraud risks being left on ‘The Dark Side of the Moon’.
One of the many benefits of Subex Insight is that it includes tools that help Fraud Managers to identify fraud risk areas that are not covered or where gaps exist in existing coverage. The highly flexible nature of Insight allows it to identify both high level risks (e.g. whole fraud types which are not addressed) and lower level issues (e.g. Individual Fraud Analysts who are not working specific types of alarms).
Subex Insight will provide the confidence you need to get you covered.
To get more information about Subex Insight please click here.
Business Consultant– Morgan has 12 years’ experience of fraud management in the telecommunications industry. Starting as a Fraud Analyst in the fixed-line environment, he worked for GTS and Primus before moving to Vodafone where he spent 6 years working in a number of roles covering fraud management, information security, new product risk and investigations. Whilst initially based in the UK, Morgan moved to Vodafone Group and worked across 16 locations globally. After leaving Vodafone, Morgan spent 2 years working as Senior Fraud Manager and an Investigations Consultant at CPW Group in the UK. Morgan joined Subex in March 2011 and works as a Business Consultant, specialising in fraud.