The AST Group has invested in the development of a system that will assist telecommunications companies in combating the growing fraud problem relating to subscriptions and prepaid cards.
Fraud management and risk management, as areas of study, are mainly concerned with the prevention of financial loss in organisations. The main differentiating factor between the two areas is the method in which the loss occurs.
"The purpose of fraud management is to reduce or eradicate monetary losses due to premeditated and organised fraudulent activity," points out Dave Metcalf of AST Abraxas IT Solutions.
Risk management, on the other hand, concerns itself with the prevention or eradication of losses attributed to insufficient or ineffective policies, procedures and control measures, usually due to insufficient or delayed access to critical information.
Fraudulent activity can threaten the organisation from both internal and external sources. Internal fraud is often linked to employees` abuse of the system, which is made possible due to inadequacies or loopholes in IT systems and/or business procedures or policies, whereas the largest portion of external fraud may be attributed to organised criminal activity.
To combat this fraudulent activity, AST has introduced the ContinuAM Fraud System, with a built in modular structure which effectively allows the product to grow with the company`s needs.
"Those who commit fraud are continuously finding new ways and new targets in order to continue their activities and this requires that a fraud system be designed in such a manner that it facilitates fast and effective changes," adds Metcalf. "The effects of fraud are visible on the bottom line, and the ContinuAM Fraud system`s initial focus on fraud and risk management can easily be extended to provide valuable MIS information.
"The fact that this system has been developed locally will allow fast turnaround for support, and modifications catering for local conditions," concludes Metcalf.
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