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.
If you use VoIP, then you know about the security risks (dangers that can be easily avoided with the right technologies in place). But do you understand the ins and outs of VoIP fraud? From blatant efforts to subtle attempts, it comes in many shapes and sizes…each with the potential to devastate business.
Here are three ways to avoid becoming part of today’s $190 billion annual fraud problem:
- Monitor traffic patterns 24x7x365:
If we could only stress one thing, it would be the importance of monitoring your network at all times, especially on weekends and holidays. Consider that the number of fraud attacks on domestic holidays has increased by an incredible 79 percent between Q4 2015 and Q4 2016.
- Customize analysis and reporting:
Just as important as monitoring is analyzing and reporting on your findings. Analyze both local and international origination and termination, as well as Toll-Free origination and termination. Invest in a customizable detection dashboard that enables you to view minutes per endpoint, IP source, customer, etc., as well as view and manage invalid CDRs and top IP addresses with traffic.
- Automate proactive notifications:
At the end of the day, the prevention boils down to proactive notification. The sooner you can be informed of an abnormality that is detected, the sooner you can begin to act. Multi-channel notifications (voice, email, SMS) are ideal, as well as the ability to set notifications by endpoint, jurisdiction or IP source.