With the potential to become a $140 billion market by 2021, it’s safe to say VoIP is here to stay. But you know what’s an even bigger market? Organizational fraud. Leading publications like Forbes pin this market as high as $190 billion per year, and that undoubtedly includes VoIP fraud.
A year or two ago, we did a comprehensive overview of VoIP fraud including what it is, how to prevent fraud damage, and even what the average attacker is thinking. After a glance at recent research, however, we think it’s time to bring this topic back to the table.
‘Tis the season for giving thanks, and we’ve got a lot to be grateful for. Nearing the top of our list is our Fraud Detection Service, which enables businesses to effectively detect VoIP fraud and lower (if not, eliminate) the risks associated with it. This is a pretty significant tool, considering that research shows telecommunications providers can lose up to $150 million per year due to fraudulent calls.
When you think “hacker,” you may think about individuals like those behind the infamous DNC email leak this summer in light of the 2016 presidential campaign. Or, you may recall the hackers who were behind the massive attacks on Internet performance company Dyn. To business leaders, however, hackers come in all shapes and sizes—including VoIP fraud hackers.
Every technology today isn’t without its potential risks and challenges, including VoIP. The important thing to remember is that any risk can be evaded (if not eliminated altogether) with the right defense strategy. At VoIP Innovations, we believe this all starts with education.
At this point, we’re no longer wondering if businesses are using VoIP (the global market is slated for a 9 percent CAGR between 2016 and 2021), but how businesses can further maximize their current VoIP investments. This includes protecting one’s organization against potential security issues that inherently come with VoIP, like VoIP fraud: the unauthorized use of paid communication services charged to someone who isn't expecting it, whether that be a service provider or customer.
Do a quick Google search for top VoIP trends and you’ll likely see two words in your results: VoIP fraud. Fraud unfortunately represents an emerging VoIP trend in which hackers gain unauthorized use of paid communication services, which are charged to someone—either a service provider or end-user—unbeknownst to them.
Jason Tapolci, President and Owner of VoIP Innovations, was a recent guest on the TechnologyAdvice Expert Interview Series. The series, which is hosted by TechnologyAdvice’s Josh Bland, explores a variety of business and technology landscapes through conversations with industry leaders.
First, we enlightened you with awareness by defining what VoIP fraud is. Then, we frightened you with six common ways to suffer a VoIP attack. And most recently, we hoped to make you proactive by sharing 10 ways to prevent VoIP fraud attacks. Lastly, in our series of fraud awareness, we aim to help keep your costs down, by giving you the top eight ways to reduce VoIP fraud damages.
With the rise in VoIP usage, so too, comes the rise in security breaches and risks. While the only secure server is one disconnected and buried ten feet into the ground, there are several steps you can take to mitigate the destruction and frequency of these security breaches.