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Revenue Assurance and Fraud Protection: Future | Mobileum

Written by Miguel Reis | 29/11/2018

Spearheading innovation for the future of revenue assurance and fraud protection.

Did you know that revenue leakage and fraud in the digital age is expected to total more than 2% of total revenue for Digital Service Providers (DSPs)? Nearly 70% of communications service providers are already on their own digital transformation journey, determining how service providers prepare for the digital age in regards to revenue assurance and fraud management - a key question asked at the recent TM Forum Asia.

At TM Forum’s Digital Transformation Asia - which is increasingly becoming one of the most prominent events for the APAC region - it was overwhelmingly agreed by operators that the complexities of the digital ecosystem will loom over the capabilities of their current operations and business support systems (OSS/BSS). In fact, 60% of operators believe that digital transformation will entail newer and more agile OSS/BSS systems. These events will lead to new challenges and increased risks that will need to be mitigated by evolving traditional revenue assurance and fraud management capabilities.

In the 5G era, fraud management will need to span the application level, across the device to the network, and then to the cloud and back. It will simply be impossible to rely solely on hot lists, rules and thresholds to detect known fraud scenarios such as identity fraud, international revenue share fraud, bypass or wangiri fraud, to name just a few.

When IoT takes flight the speed, variation and volume of scenarios that will need to be assessed will push the adoption of artificial intelligence (AI) and machine learning (ML) as standard tools for business assurance. What’s more, as new business models and partners come on board, DSPs will need to have the capability to identify and act upon unknown scenarios in order to reduce and prevent revenue leakage and fraud loss. 

Driving Innovation through the TM Forum Catalyst Project
Through the TM Forum Catalyst project Open AI Business Assurance Marketplace, WeDo Technologies is developing the future of revenue assurance and fraud prevention together with multiple industry partners and champions such as BT, Deutsche Telekom and Orange. This catalyst demonstrates how digital service providers can apply AI/ML algorithms, and API-based revenue assurance and fraud management implementations to effectively protect the digital business, as well as ensure flawless customer and partner experiences. At TM Forum Digital Transformation Asia, we demonstrated in front of a large audience, the key business impacts of the catalyst project:

1) Improved Customer and Partner Experience: being defrauded or being charged incorrectly can have a huge impact on both customers and partners. By modernizing business assurance technology and methodology, and by providing standard APIs, this catalyst reduces the risk to both customers and partners and improves their experience and satisfaction.

2) Greater Flexibility and Control: with the Business Assurance Marketplace, DSPs will have the flexibility to select the business assurance controls that provide higher protection for each new service. This ability to choose the most effective control for the service enables DSPs to reduce the cost of business assurance controls, by allowing the reuse of controls across operators and by reducing the cost of integration due to the use of APIs.

3) Ability to Detect Unknown Issues: developments in supervised and unsupervised ML algorithms, including behavior analysis, natural language processing and sentiment analysis enable prediction, prevention, and analysis of business flaws in business assurance, previously impossible to do without using these algorithms.

Underpinning these benefits are the new APIs, developed as part of this Catalyst and contributed to TM Forum. The capability to implement controls via an API reduces the implementation time and cost significantly, enabling better protection and resulting in improved customer experience and higher quality of service. 

What’s more, the work of defining new APIs opens the door to new business models and enables the digital service providers to consume assurance services and to partner with assurance providers so that they can offer assurance as a service to third parties. At WeDo Technologies, we believe that an open marketplace to select and control revenue assurance and fraud management will not only prepare digital service providers for the future, but help them contain their revenue leakage levels, with savings of over 0.5% of the potentially lost revenues. 

The revenue assurance and fraud management space is about to be flipped on its head, make sure you’re not taken by surprise or left behind. 

Contact us to find out more about how WeDo Technologies is spearheading innovation in this sector.