Automated ID Verification System to Tackle Telecom Frauds
The annual cost of subscription fraud is estimated to reach over the US $12 billion, with losses ranging between 3 to 10% of the operators’ gross revenues.
Subscription or identity fraud is one of the most common telecommunication frauds that is ever prevalent in this sector. Identity fraud or subscription fraud happens when a fraudster uses fabricated identity documents to purchase or acquire telecom services to utilize them for future criminal activities. Criminals use stolen identities and credentials to purchase SIM cards, which later become a headache for Mobile Network Operators (MNOs). Identity fraud cases can be minimized through effective identity verification of all the customers.
Even governments and public security authorities are requesting network operators to perform stronger identity verification to combat fraud and criminal activities. For example, more than 90 countries now have to perform proper registration with strict identity verification for the purchase of prepaid SIM cards to tackle national security issues and criminal behavior.
This task can be easily performed with the help of Shufti Pro that offers identity verification services through an AI-powered verification engine. It utilizes a hybrid technology of AI and Human Intelligence to verify users within seconds. It also has universal language support that allows it to cater to users and clients from all over the globe.