Indian Software Company, Subex to Tackle Telecom-related Fraud Using Blockchain
India-based software company that provides digital trust solutions, Subex Limited, has announced plans to combat fraud in telecommunication using blockchain.
According to the report on Dec. 10, Subex joined forces with Risk & Assurance Group (RAG) to deploy the platform. This blockchain-based anti-fraud platform provides fraud management solutions, particularly for its customers.
Under the collaboration, Subex became part of the RAG Wangiri Blockchain Consortium, which already includes leading Communication Service Providers (CSP) around the world. The consortium aims at acquiring threat intelligence about fraudsters using blockchain technology.
Per the report, Subex leverages on RAG Wangiri Blockchain Consortium to operate the blockchain ledger of fraud-related information. Already, the CSPs and the consortium members support the ledger.
"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." The Head – Strategy, and Products at Subex, Rohit Maheshwari said.
The decentralized and cryptographically secure ledger makes it easier for Subex' ROC Fraud Management solution users to utilize the repository. Also, the telecom operators can now exchange data among each other, enabling them to respond to threats faster than ever before.
Subex to Improve Fraud Data Sharing Among CSPsThis improved quantity of fraud-related data benefits Subex's clients. Ultimately, to the entire industry, it helps by growing the number and diversity of CSPs sharing data about fraud. The first use case for the blockchain ledger focuses on Wangiri fraud. Subex noted that it had been a global and increasing problem for the telecommunication industry and its customers. The consortium will also focus on stolen devices and fraudulent IP address information in the future. "We believe this is a great opportunity for the industry to come together and move collectively against fraud. Moreover, from an organizational standpoint, this is in line with our aspiration to play a role towards enabling collaboration and contributing further to the fraud management community." Rohit Maheshwari added.
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