The communications industry is evolving fast, and no growth comes without challenges. The cross-pollination of services has created problems for carriers trying to manage one account across multiple offerings, not to mention the several major data breaches over the last decade. As of 2018, breaches had gone up 45%, and identity theft fraud for telecoms was up 50% – leaving the dark web awash in consumer credentials and personal data.
It’s important to be familiar with these trends as the telecoms space continues to grow. Not only are fraudsters likely to accelerate criminal behavior such as commercial account takeover (ATO) and synthetic identity fraud, but they could also drive other types of fraud. Knowing what your company is up against can help you protect your bottom line, while making sure your good customers aren’t negatively impacted throughout the customer journey.
Leveraging first- and third-party data
Your customers expect you to deliver the best possible online experience at every integration point, not just the moment of purchase. This is why Enova Decisions and iovation have partnered together to develop reliable methods of digital profiling (such as device recognition), as a way to combat fraud by quickly identifying the devices and users you can trust – and in turn, reducing friction for your good customers. Enova Decisions leverages first- and third-party data to significantly improve fraud detection throughout the customer journey, while iovation optimizes fraud detection via device intelligence that protects consumers’ personal information.
Authenticating good customers
Given how competitive the telecoms space is, companies can differentiate themselves by expertly catching fraud and authenticating good customers, all while providing a seamless customer experience. This is a lot to balance, but Enova Decisions and iovation can help you analyze the customer journey via navigation, application and the device itself. These linkages then allow your business to protect customers from even the most sophisticated fraudsters.
To learn more about the future of telecoms and our recommended strategies for eliminating fraud, view Enova Decisions’ and iovation’s recent webinar here.
¹ 2018 Identity Fraud Study, Javelin Strategy & Research
² Cifas 2017 Report;
3 2019 Javelin Identity Fraud Report