Why risk management and revenue assurance can’t be left behind when upgrading your B/OSS

subscription fraud, international revenue share fraud (IRSF) and traffic pumping—to make a resurgence. Add to this the growing use of digital channels, and CSPs are left vulnerable to new types of online fraud such as synthetic identity fraud and account takeover. With 5G, it becomes more apparent than ever that CSPs will require robust risk mitigation methodologies and auditing capabilities for billing and rating validation. This is only possible with the power of advanced analytics and automation, which turn data into powerful risk management insights and actions in order to predict, detect and safeguard against vulnerabilities.

Source: WeDo Technologies

Not only are advanced analytics, AI, machine learning and automation required to process and manage the sheer volume, velocity and variety of data that a 5G network will generate, these capabilities will also improve CSPs’ ability to spot known fraud threats—as well as prepare for new, unknown ones. It is also important to note that fraudsters already have AI and automation in their weapons arsenal, giving them the ability to organize their actions over a huge scale—and then essentially train a computer to keep repeating and optimizing the process as it searches for new opportunities to commit fraud. When one type of fraud, like subscription fraud, can lead to another more damaging kind of fraud, like IRSF, it becomes absolutely essential that operators have access to their own ML/AI tools as well.

All too often, IoT risk management concepts and strategies are discussed but not deployed. Don’t lose the opportunity to truly capitalize on your 5G investment by failing to address risk management requirements today.