Telecoms fraud is a prevalent and ever-evolving issue that affects both business and individual customers in the telecommunications industry. It encompasses a range of fraudulent and abusive activities that can cause significant financial damage to companies and individuals alike. Ranging from well-established methods, including PBX hacking and SIMBox bypass, to newly evolving threats, such as flash calls and mobile money fraud, the tactics used by cybercriminals and fraudsters are constantly changing.
Telecoms fraud is booming and costs the world $32.7 billion each year, per a joint report issued by Europol and Trend Micro. The consequences of telecoms fraud can be severe, resulting in not only financial damage but also damage to the brand reputation of telecoms companies. With the increasing use of artificial intelligence (AI) in fraud protection strategies, we set out to explore the impact of this technology on the fight against telecoms fraud.