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Fraud is a serious concern for the communications industry, with proceeds and services used by organised crime and terrorist networks. Whilst reliable statistics are difficult to come by, industry association Communications Fraud Control Association (CFCA) estimates the total global fraud loss at around $29bn annually. Of this, over $7bn is attributed to subscription fraud and account takeover.
In an industry which is undergoing widespread digital transformation to streamline customer journeys and reduce operating costs through automation, preventing fraud is critical.
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