SINGAPORE, 23 September 2019 – The 29 billion connected devices expected by 2022, present steep growth in revenue and subsequently, revenue threats for enterprises of all sizes in the future. Communications Service Providers (CSPs) must consider all eventualities of risk and prepare for every scenario with tools in place to enable very rapid response times, warns Neural Technologies Senior Data Scientist and Advisor, Dr. George Bolt at CFCA 2019.
Speaking at the upcoming CFCA Fall Educational Event 2019, Dr. Bolt cautions providers to protect themselves and their profits against the ever-increasing threat of revenue loss. With the Internet of Things (IoT) and 5G connectivity providing a revenue growth of USD 1.1 trillion by the year 2025, CSPs will be fighting off more threats and facing more complex problems than ever before.
“Detecting revenue leakages quickly is a very difficult and complex problem to solve. Identifying and analyzing potential threats requires a sophisticated approach to address emerging scenarios and prevent revenue threats from affecting the bottom-line,” said Dr. Bolt. “Machine Learning (ML), properly applied, is the most reliable and thorough method of preventing revenue loss and fraud. It enables CSPs to effectively manage and protect their end-to-end revenue chain through fraud prevention plus revenue and business assurance processes, giving them superior revenue intelligence.”
50% of operators experience a revenue leakage loss of between 1% and 18% in Africa and the Middle East, with 18% of operators experiencing a 10% loss. CSPs and regulators worldwide need to look at the revenue management solutions in place and consider how planning for Machine Learning will help them to stand up to these threats.
Using Machine Learning, Neural Technologies’ Optimus Fraud Management and Revenue and Business Assurance solution, has the capability to process billions of data records per day. As a result, data is taken from across the entire infrastructure providing CSPs with complete control and visibility to monitor and discover any potential risks before revenue is lost.
“Appreciating that fraud detection is most effective when used at the earliest opportunity, our Optimus Revenue Management solution has the capacity to configure and process billions of Event Data within a short timeframe,” comments Dr. Bolt. “When identified, Optimus subsequently takes appropriate mitigation action or alternatively creates informative alarms which guides fraud analysts to carry out further analysis. The Machine Learning technology used is flexible and adaptable to each individual enterprise, empowering CSPs to detect varying fraud behavioral patterns unique to them in order to address all threats.”
Bolt continues: “Working with Telcos across the world to revolutionize their revenue management processes with Machine Learning, we are witnessing rising numbers of threats. Therefore, there is increasing need for an advanced intelligent approach to data analysis and fraud detection in order to avoid an increase in revenue loss.”
Dr. George Bolt will speak at CFCA in Tucson, AZ on Wednesday October 16th , at 9:30am delivering his presentation entitled ‘Fraud Management and Risk Analysis Using Machine Learning’. The session shares the importance of Digital Integration in machine learning for finding and managing fraud quicker and more effectively. The different types of machine learning will also be presented and described along with their applicability for use in telecommunications.
Dr. George Bolt is widely recognized as an expert in the fields of Fraud Analysis and Neural Computing and is one of the founders of Neural Technologies and currently working as a Senior Data Scientist and Advisor to Neural Technologies.
Neural Technologies will also showcase its multiple award-winning Optimus Ecosystem, an integrated compilation of solutions spread across Revenue Management, Digital Integration and Advanced Automation and Analytics at TM Forum Digital Transformation, North America, 23rd – 27th September 2019 in Dallas, TX. Also, Neural Technologies will be in attendance of RAG Johannesburg (SA) from the 1st-2nd October.