In this podcast from Telecom Reseller magazine, Chris Lee, CEO Cloud Age Solutions outlines the scope of the problem and reminds carriers that fraud losses come right out of the bottom line and represent revenue that cannot be replaced. From Lee’s perch, he observes that the carriers are often more revenue focused than security driven, perhaps overlooking the hard reality that lost money on fraud is the most expensive of all losses, since it comes right out of the profit bucket. And a single event can vaporize profits for weeks, or even months. Lee makes the case for vigilance and lays out a plan that consists of prevention and mitigation. Prevention of events before they happen. This can include reviewing processes and better controls. Mitigation means “reducing the attack surface”. Carriers need to watch unusually long calls and other occurrences that basically red flag a call. Lee outlines how Cloud Age helps carriers tighten things up to prevent an event, but can help even when a fraud event has occurred.
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