Wangiri Fraud Can be Controlled Through Blockchain Technology
The Wangiri fraud, or the popularly known one ring scam, is still the talk of the town.
The telecom operators are still extremely concerned about scams. Based on the fraudulent analysis by CFCA 2019, it is calculated that Wangiri comes under the top 5 methods of fraud. According to the CFCA reports, Wangiri fraud caused a global loss of approximately USD 1.82 billion. Along with this, the Wangiri fraud has adverse effects on the customer experience as it shockingly increases the bill amounts.
The telecom operators regularly update their fraud management systems to keep themselves aware of the blacklists from the industry that eventually helps them to overcome this fraud. In this case, the data is not immediately updated. The telecom operators always receive the list at the end after a certain range of numbers are added as blacklisted or fraud.
The telecom operators are working on the fraud management systems so that they can have real-time access to the information on hotlists and the addresses related to this to avoid the loss in the revenue. Subex, a leading telecom analytics solution provider, has recently collaborated with the Risk and Assurance Group (RAG) that will be providing blockchain-based fraudulent management solutions to its customers. Subex is now an integral part of the RAG Wangiri Blockchain Consortium, which aims to use Blockchain Technology to collect information regarding threats and in the industry in real-time. The association comprised of some of the world’s renowned Communication Service Providers (CSP) from all over the world. The collaboration aims to provide their customers with a decentralized and cryptographically secured blockchain ledger information.
Article Produced By
Heiko Closhen, Entrepreneur