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AI vs Fraud: How Telecom Giants Are Outsmarting Scammers
- Telecommunications firms are grappling with AI for fraud detection and prevention.
- Virgin Media O2’s AI-generated grandmother, Daisy, keeps fraudsters engaged—effectively turning the tables on scammers by using their tactics against them.
- Telecom fraud causes not only financial losses but also erodes customer trust.
- AI models now analyze billions of call detail records (CDRs) daily to detect complex patterns of fraud like SIM box fraud.
- Device fraud revolves around purchasing high-end devices on installment plans and paying only one installment before disappearing.
- Wangiri scams are another problem. Here, victims receive missed calls from premium numbers and are charged exorbitant fees when they return the call.
- Legacy systems complement AI-driven solutions by providing foundational insights.
- A hybrid approach that combines the stability of traditional systems with the adaptability of AI models is often preferred to ensure an effective way to address both traditional and emerging threats.
- Fraud detection requires frequent model retraining.
- The telecom industry loses $40 billion annually to fraud globally.
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