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Title: Telecommunication-Financial Institution Partnership: Redefining Fraud Prevention in the Digital Era
: Joseph Dervin D'Cunha, Service Line Leader, Communications and Media, UKI, Cognizant
Date: May 21st, 2024
In today's digital landscape, where innovation has accelerated both growth opportunities and fraudulent activities alike, the telecommunications industry, accounting for losses estimated at $38 billion annually, faces a unique challenge. Simultaneously, financial institutions are bracing for an unprecedented surge in consumer and business scams reaching $40 billion by 2027. This environment necessitates a proactive approach to fraud prevention that transcs traditional methods.
Enter the collaboration between telecommunications providers and financial institutions - the bedrock of a comprehensive strategy agnst fraud.
The Defense: A New Paradigm
Central to this innovative solution is which envisages adaptable agents acting as intelligent guardians, constantly learning patterns and predicting fraudulent activities in real-time. This proactive approach not only mitigates attacks but also enables anticipation of threats before they escalate.
Unlocking the Power of Telecommunications Data
Telecommunication companies hold a wealth of customer data - from call forwarding and SIM card swaps to service length and location tracking - that can significantly contribute to a holistic understanding of financial profiles, provided privacy regulations are adhered to with strict consent protocols.
Collaborative Data-Sharing for Mutual Benefit
The vision encompasses secure methods enabling telecommunications providers to share anonymized or privacy-preserving data with financial institutions. This collaboration not only enhances the latter's risk assessment capabilities but also opens new revenue streams for telecoms through ethical data monetization, fostering a virtuous cycle of innovation and protection.
A Proactive Shield in the Digital Age
Cognizant is an advocate of this transformative approach, currently contributing to a catalyst project at TM Forum. This initiative goes beyond merely proposing solutions; it serves as a call-to-action for all stakeholders to unite forces agnst fraud throughpowered defenses, collaborative data-sharing strategies, and robust security protocols.
: Empowering the Digital Ecosystem
At Cognizant UK Ireland, our team is dedicated to sharing insights on cutting-edge technology trs that impact industries across the board. We believe in the power of collaboration for mutual benefit and are committed to driving innovation that not only strengthens individual sectors but also bolsters the digital ecosystem at large.
Join us in shaping a future where partnerships between telecommunications providers and financial institutions redefine fraud prevention, ensuring a safer digital environment for all.
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