Estimated global telecom fraud is $33 billion. Identity theft/subscription fraud top the list. Just 35% of CSPs have exec-level ownership of fraud management.
Fraud in the digital experience era
Europol’s European Cybercrime Centre estimates that global telecommunications fraud costs roughly $33 billion, however the true cost likely exceeds even that grandiose figure. Telecommunications fraud has become a misnomer because thieves attack the interconnectedness among people and industries. With telecommunications services, particularly mobile, providing the means through which nearly all industries serve their customers, thieves are finding and exploiting vulnerabilities with no regard for arbitrary industry boundaries. Fraud is a sprawling subject intertwined with cybersecurity. In this report we look specifically at how thieves abuse digital communications technologies to commit crimes, focusing on some of the latest and most widespread forms of fraud which are impacting customers of communications service providers (CSPs) in an era of digital experience. In addition to interviews with CSP executives and other experts, our research includes quantitative data from three key sources: