Arkose Labs, a fraud prevention, detection and response platform provider, has launched a free online ROI calculator that chief information security officers (CISOs) can use to analyze the costs associated with SMS Toll Fraud attacks.
Attacking Toll Fraud
Banks, e-commerce companies and telecommunications services providers can use the SMS Toll Fraud calculator to “quickly and easily estimate the potential cost savings associated with stopping SMS Toll Fraud,” Arkose Labs Kevin Gosschalk said.
The calculator provides organizations with an instant report that shows the financial impact of SMS Toll Fraud attacks. In doing so, organizations can use the report insights to make informed decisions about their cybersecurity strategy.
SMS Toll Fraud is sometimes referred to as “International Revenue Share Fraud,” Arkose Labs pointed out. It is a type of cybercrime that occurs when cybercriminals hijack voice or SMS one-time passwords.
For example, mobile digital communications company BICS reported an Australian telecommunications company once began to receive large volumes of SMS traffic from an African country. The telecom’s daily SMS volumes reached 145,000 messages per day and cost the business €10,000 (nearly $11,000) per day in SMS termination fees that could not be invoiced. If left unaddressed, the telecom could have lost €300,000 (nearly $326,000) due to SMS Toll Fraud in a given month.
The MSSP Factor
Cybercriminals are using SMS Toll Fraud attacks to disrupt businesses, damage their reputations and cause financial losses, Arkose Labs noted. The total measured losses of SMS Toll Fraud attacks increased from $1.8 billion in 2013 to more than $10 billion in 2021, BICS reported. As cybercriminals look for new ways to attack organizations, SMS Toll Fraud attacks could increase in sophistication and severity, and organizations must plan accordingly.
MSSPs can help organizations keep pace with SMS Toll Fraud attacks. They can provide organizations with insights into these attacks and the dangers associated with them. Also, they can offer fraud prevention and other managed security services designed to protect organizations against SMS Toll Fraud attacks and other emerging cyber threats.