Global Telecom Fraud Losses Down Significantly

Global Telecom Fraud Decreases by 18 Percent, Reaches New Low

A new Communications Fraud Control Association survey reveals that global telecom fraud losses have decreased by 18 percent since 2013, totaling just over 38 billion dollars in 2015

The CFCA announced the results of a comprehensive worldwide communications industry fraud loss survey. Experts estimate 2015 fraud losses at $38.1 billion (USD), down 18% from 2013. As a percent of global telecom revenues1 , fraud losses are approximately 1.69%—a 0.40% decrease from 2013. The main reason for the decrease is attributed to an increase in collaboration and coordination among carriers in identifying and stopping fraudulent activity following the CFCA’s survey in 2013.

Highlights from the survey include:

More than 50% of all Fraud Management organizations are now located under Finance.
More than 50% of all Fraud Management organizations outsource some of their job functions.
89% of operators surveyed said fraud losses had increased or stayed the same within their own companies—5% less than 2013.
Many companies are now reporting far fewer cases to law enforcement.
The top five countries where fraudulent calls terminate are: Cuba, Somalia, Bosnia & Herzegovina, Estonia, and Latvia.

The top five methods for committing fraud are: