Fraud prevention solution to stem industry losses of $35 billion to $40 billion, Protek, a leading supplier of business and operational support systems, has entered a strategic partnership with Neural Technologies to reduce the revenue losses suffered by communications service providers due to fraud and the rise in the number of stolen handsets.
Neural Technologies, a leading fraud management solutions provider, will incorporate its Minotaur product into Protek`s end-to-end customer care and billing solution.
The Communications Fraud Control Association (CFCA) estimates global telecom fraud losses to be in the region of $35 billion to $40 billion annually. With Minotaur, fraudsters can be prevented from being signed up and provisioned for telecoms services, and stolen handsets can be tracked through call data and network usage records.
Paul Beaumont, CEO of Protek, commented: "Through this partnership, we can now offer customers a package which can be integrated to include a complete revenue assurance offering. Service providers are set to benefit from our powerful billing and service assurance capabilities combined with Neural`s expertise in fraud detection and management. The new solution means that fraudsters can be prevented from being signed up and provisioned in the first place, and fraudulent addresses can be identified immediately by the billing solution."
John Gavan, CEO of Neural Technologies, commented: "We are pleased to be working with Protek and are looking forward to a long relationship. The most important aspect this alliance brings is the beneficial service which can be offered to operators around the world, Minotaur is a highly innovative solution that can be widely utilised within a business environment - in particular in regard to fraud, credit risk and revenue assurance.``
The company`s neural technology also `learns` from confirmed fraudulent cases, thus preventing and detecting fraud faster and more reliably than any other system on the market. This can be cohesively applied to fixed, mobile, converged, IP as well as more complex next-generation networks.
The combined revenue assurance offering utilises scorecards and thresholds as well as exploiting virtually any type of data feed, from call data records (CDRs) and network usage records to customer data and switch/CDR, billing, network connection, payment, SS#7, provisioning, and IPDR.
Minotaur has the ability to exploit all of these and more by applying its sophisticated profiling and detection techniques to every relevant source of data within a business before any alarm is raised, leading to an extraordinarily high ratio of confirmed fraud alarms. Neural Technologies is working closely with Protek to produce a proof of concept to showcase to prospects and existing Protek customers, and to help facilitate future implementations.
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