Artificial Intelligence (AI) could help detect and fight fraud within the telecom sector.
Indeed, it was reported that over 59 million Americans had lost money due to phone scams in the past year, while the telecom industry lost around $1.5 trillion in yearly global revenue. Doing manual investigations of these frauds usually takes too much time and fails to prevent them.
Using AI could reduce time to discovery as well as limit the window for fraud losses. AI fraud detection models used alongside machine learning (ML) could adapt and create new rules for fraud detection, which would then reduce the exposure to fraud and monetary losses. With self-adaptive AI with machine learning, organisations would be able to identify and adapt to these ever-changing fraud schemes.
Therefore, it was suggested that the telecom industry should implement AI models in order to fight fraud more effectively.