Fraud has been an inevitable part of the telecom industry. It’s through security breach of their network that fraudsters reach sensitive data from various industry niches. Hence, a surge in high-end solutions that can minimize the overall risk of network mishaps is what industries need right now. Similar is the thinking of Subex.
Subex, the Global telecom giant, announced its collaboration with the Risk & Assurance Group (RAG) to offer a fraud management system based on blockchain to its customers.
With fraudsters having the support of advanced technologies, the traditional fraud detection and management solutions look unpromising. Companies need more solutions enabling real-time data exchange, according to Subex.
Hence through this partnership with the concerning Blockchain Consortium, Subex intends to offer its customers a decentralized and secure blockchain ledger for fraud linked data, Subex said.
As part of this alliance, Subex becomes part of the RAG Wangiri Blockchain Consortium which seeks to use blockchain technology to gather real-time industry threat intelligence about fraudsters,
Subex said in a filing to the BSE.
RAG is governed by professionals in the arena of risk & assurance inside the operating perimeters of telecom companies. The names include some of the world’s renowned communications service giants from Europe, North America, Africa, Asia etc.according to the filing.
The threat of fraud is ever-looming and telecom operators are consistently challenged to keep up with the increasing sophistication of fraudsters in today’s digital ecosystem. While data exchange between operators has always been touted as a solution to the problem, past industry efforts have been limited and largely offline,
Rohit Maheshwari, the Subex Head – Strategy and Products said.