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Common types of telecom fraud
International Revenue Share Fraud (IRSF) and SMS Toll Fraud
IRSF, also called SMS toll fraud or SMS pumping, is a growing concern for businesses across industries. At its core, IRSF is often enabled by telecom resources and infrastructure to initiate unauthorized calls to premium numbers. These calls are then charged to the victim’s phone bill, resulting in significant financial losses. And when performed at scale, the costs for businesses can quickly rise to millions of dollars.
Session hijacking and Man-in-the-Middle (MITM) attacks
Telecom networks can be vulnerable to cyberattacks, specifically session hijacking and man-in-the-middle (MITM) attacks. These attacks can compromise both network security and that of user accounts. One way cyber criminals can gain access to user accounts is by intercepting two-factor authentication codes as part of an MITM attack. This can lead to International Revenue Share Fraud (IRSF) or SMS Toll fraud.
Phishing and social engineering attacks
For cybercriminals looking to gain access to user accounts, phishing and other social engineering attacks often provide their entryway. By creating fraudulent web pages or email messages that imitate popular telecom brands, cybercriminals can trick unsuspecting customers into providing their login credentials, credit card numbers, and more. In the instance of a user providing their login credentials, these accounts can be taken (ATO) over by cybercriminals and used for downstream attacks and fraud or sold on the dark web.
How telecoms can stay secure
The threats facing the telecom aren’t going away anytime soon, unfortunately. That said, telecom businesses have a strong partner in Arkose Labs. Arkose Labs removes the economic incentive to cybercrime by sabotaging attackers’ ROI and rendering the threat impractical and unaffordable. This is a fundamental shift from prevention to cybercrime deterrence.
Global enterprises trust Arkose Labs for attack detection and prevention while protecting the user authentication touchpoints that are often targeted by threat actors. By rooting out cybercrime early, and stopping it at targeted entryways, businesses are able to strengthen relationships with customers by offering an increasingly secure platform without sacrificing a positive user experience.
If you want to learn more about how Arkose Labs secures businesses from advanced and automated threats like bots, book a meeting today.