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Connect | Vulnerability: Is vulnerability a much wider problem for UK financial service providers than first thought?
Our feature article on vulnerability, which explores why the number of people classed as vulnerable is rising, the affect this is having on financial service providers and how collaboration and data sharing can help address the issues.
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Our Financial Crime & Risk Management platform accelerates your customer boarding process, aligns your financial crime defence with your commercial strategy and reduces the cost of regulatory compliance.
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Connect | Vulnerability: Is vulnerability a much wider problem for UK financial service providers than first thought?
Our feature article on vulnerability, which explores why the number of people classed as vulnerable is rising, the affect this is having on financial service providers and how collaboration and data sharing can help address the issues.
Download now
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Connect | Vulnerability: Is vulnerability a much wider problem for UK financial service providers than first thought?
Our feature article on vulnerability, which explores why the number of people classed as vulnerable is rising, the affect this is having on financial service providers and how collaboration and data sharing can help address the issues.
Download now
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Connect | Vulnerability: Is vulnerability a much wider problem for UK financial service providers than first thought?
Our feature article on vulnerability, which explores why the number of people classed as vulnerable is rising, the affect this is having on financial service providers and how collaboration and data sharing can help address the issues.
Download now
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Telecommunications

ADDRESSING EMERGING RISK BEFORE THEY IMPACT YOUR BUSINESS

Improvements to fraud prevention and identification have helped to reduce the volume of facility fraud cases, where handsets are fraudulently secured in person. However, this has been replaced with a growth in facility takeover, with the intent of obtaining unauthorised upgrades, taking advantage of providers’ channels to improve the customer experience and ease of upgrading handsets.

With genuine customer identity used in the majority of identity fraud cases, addressing ever-evolving criminal tactics is a continual challenge.

IDENTITY FRAUD

96% of identity fraud uses genuine customer identity

UNCOLLECTED REVENUE

Telecoms operators face an estimated global average loss of 13% from uncollected revenue and fraud

FACILITY TAKEOVER

450% increase in Telecoms facility takeover cases from 2015-2016

Helping you protect your business and genuine customers

Synectics Solutions has more than 25 years of experience in tackling fraud, improving data and sharing knowledge to inform organisation’s approach to fraud and risk. We can help you to integrate a breadth of data sources with your own in order to inform the processes and practices used to not only mitigate losses but prevent them.

We work with our telecommunications clients to understand their specific challenges and identify or develop the right solutions to address them. Our current capabilities help us tackle existing and emerging challenges our clients face including bad debt, identity fraud, device takeover, missed revenues, poor processes and incorrect data usage.

Identification and Verification

Integrate ID verification, money laundering, fraud, device and bank account checks to give you a broad view of the risks associated with an application.
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Fraud and Risk

Providing a suite of analysis and workflow management capabilities to protect businesses from fraud, risk and financial crime via our products SIRA, Precision and Orion.
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Anti-Money Laundering

Combining a breadth of tools and data to ensure a 360 view of data to minimise risk and meet regulatory requirements.
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Compliance

Screening of new and existing customers against a range of comprehensive data sources to help meet your compliance requirements.
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Debt Management

Integrate over 50 data sources and optimise comprehensive workflows, predictive insights and risk scoring to enhance your debt management and recovery strategy.
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Customer Engagement

Find out how our insurance clients use our predictive analytics solution to better protect their business and customers by improving their fraud detection rates
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50+

Data sources

Clients can enrich their intelligence with over 50 different private sector data sources to get a more informed view of their customers

130+

Contributors

National SIRA members have access to data provided by over 130 banks and financial services providers, insurers, retailers and telecommunications companies

200 million

Records held

There are around 200 million records held in National SIRA, the UK’s leading fraud prevention database

"In the great ‘fraud arms race’, could it be that fraudsters have become aware of new detection methods and are now using compromised identities to purchase devices, serving to validate both the identity and purchased device, and then enabling them to obtain financial products leading to lucrative rewards?"
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Our thinking in telecommunications

Read a range of articles and reports, all crafted by the experts at Synectics Solutions, where you can uncover the latest insights and trends in your sector, and understand how developing technologies are shaping today’s organisations.

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