Bangalore, INDIA – Subex Ltd, a leading global provider of operations and business support systems (OSS/BSS) for communications service providers, has been successfully helping prevent Mobile Money fraud for service providers globally.Subex’s industry leading ROC Fraud Management solution provides real-time fraud controls that help in combating emerging Mobile Money threats.
With declining Average Revenue Per User (ARPU) observed across the globe on Voice and Data services, it’s evident that Communication Service Providers need to venture out into new areas of service offerings. A Frost & Sullivan survey states that there are more than 3 billion mobile phones against 1 billion banking accounts in the World. This presents a great opportunity for Service Providers to add mobile money services into their portfolio, which can leverage the current mobile penetration in their markets.
With the increasing adoption of Mobile Money services, CSP’s risk being open to a growing number of different types of fraud. Some of the key fraud and security threats to Mobile Money Services include Theft of mobile money customer data, technical attack on Mobile Money Services, Internal fraud within Service Provider environment, Subscription fraud, Account hijack / takeover etc.
To combat this increasing threat of Mobile Money frauds, strict monitoring controls need to be applied to ensure a secure environment for Mobile Money services. Service providers must proactively monitor this ecosystem and prevent frauds to ensure increased customer satisfaction, protect margins, reduce losses and attain the competitive edge in this fast evolving environment.
ROC Fraud Management is Subex’s award-winning solution that helps wireless and wireline operators eliminate known frauds, uncover new fraud patterns, minimize fraud run time, augment internal controls and support continuous fraud management process improvement. Subex fraud management customers report rapid return on investment and increased productivity and efficiency by significantly reducing the complexity of the fraud investigation process.
Commenting on the opportunity, Mark Nicholson, CTO, Subex said, “Mobile money services presents an excellent opportunity for service providers to diversify their revenue streams, but it is essential that they put in place robust and real-time fraud and risk control systems to combat fraud both internally and externally. We are happy that we have partnered with several telcos across the globe to combat fraud in a mobile money environment, and have been successful in adding value to their business and help them build competitive advantage.”