Internet technology (IT) and telecommunications providers are the engines that help power commerce on a global scale. This massive industry includes companies that provide the infrastructure for communication across multiple countries and continents, including phone and internet providers. Given their role and the technology on which they (and all of us) depend, these services must always be on guard for vulnerabilities to fraud.
The threat level is high and the types of fraud span a wide spectrum, including digital identity theft, data security breaches, cyber fraud, fraud using voice services, stolen and counterfeit technology (including smartphones, tables, smartwatches and other devices), and – perhaps the most major concern – consumer fraud. A recent survey by the Communications Fraud Control Association found that over USD $12 billion is being lost to consumer-based fraud attacks such as subscription and account takeover. (CFCA, 2017)
Examples of companies in the telecommunication sector include wireless operators, internet providers, satellite companies and cable companies. They are typically regulated by government bodies, though such regulation varies over industry and location. At CRI Group, our corporate security and technology experts provide a top-down assessment of security processes and are experienced in finding weaknesses and vulnerabilities affecting telecommunications operations. It’s crucial to be proactive when preventing fraud in this area – a single security breach can affect millions of users worldwide.
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