Is the problem that fraud managers are too risk averse to sell their services?
No, in my experience, Fraud Managers are confident about their capabilities but fraud management services are not core business and the revenue stream is often not sufficient to interest their own telco management.
However, I can provide a couple of examples where telcos are selling fraud management services:
- Safaricom has just launched an anti-fraud tool will help banks and insurance firms better authenticate mobile and internet banking customers. It is claimed that in addition to authentication, the solution will also provide financial firms with capabilities to better design their lending propositions, enhance the registration and on boarding of new customers, and also in managing phone numbers linked to customer’s accounts.
- Telefonica recently launched an IoT security business unit that detects threats, offers credential management for connected devices and DNS security. The new IOT Cybersecurity Unit uses Telefonica’s existing network infrastructure and IoT Platform and aims to deliver new security products that address threats faced by businesses deploying IoT.