Global telecom solutions provider Subex said it has collaborated with Risk & Assurance Group (RAG) to provide a blockchain-based fraud management solution to its customers. Fraud continues to be a major problem for telecom operators, costing them billions of dollars annually.
“As part of this alliance, Subex becomes part of the RAG Wangiri Blockchain Consortium which seeks to use blockchain technology to gather real-time industry threat intelligence about fraudsters,” Subex said in a filing to the BSE.
RAG is run by experts in the field of risk and assurance within telecom companies. The consortium includes some of the world’s leading communications service providers from North America, Europe, Africa, and Asia, the filing said.
With technology enabling fraudsters to outsmart traditional fraud management controls, solutions that can enable data exchange in real-time are the need of the hour for operators, Subex said.
So by partnering with the RAG Wangiri Blockchain Consortium, Subex aims to provide its customers with a decentralized and cryptographically secure blockchain ledger of fraud-related information, it added.
“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. While data exchange between operators has always been touted as a solution to the problem, past industry efforts have been limited and largely offline,” Subex Head – Strategy and Products Rohit Maheshwari said.