Are CSPs ready to detect and manage financial fraud ?
Fraud is never an isolated event and occurs in an ecosystem , which is why a patchwork of tools will not help against attackers , who are becoming increasingly clever . All events , all actors , all channels must be considered in real-time in correlation with each other , explains Joao Faisca at INFORM .
In the dynamic financial landscape of the Middle East , where telecommunications and banking are seamlessly integrated , mobile money has emerged as a cornerstone of financial activity . With the involvement of the IT team , this convergence could deliver opportunities and challenges , particularly in the realms of fraud prevention , credit risk management , and anti-money laundering compliance .
The region ’ s rapid adoption of mobile financial services has necessitated IT teams to support innovative approaches to ensure security and trust . Enter the Hybrid AI approach , a sophisticated blend of artificial intelligence and human expertise , designed to navigate the complexities of the modern financial ecosystem .
IT executives , tech-savvy professionals , software developers , among many others , have come to embrace 5G as it inaugurated a new telecommunications era . Bringing faster speeds and more reliable connections to its area of coverage , a focus on 5G monetisation and the development of private 5G networks highlighted the region ’ s commitment to leveraging advanced technology to enhance connectivity and enable financial services .
The convenience and efficiency of mobile payments , underpinned by the region ’ s
Joao Faisca , Head of Telecommunications , Risk and Fraud , INFORM robust telecommunications infrastructure , have fundamentally transformed how financial transactions are conducted .
Role of governments
Recent statistics underscore the urgency and potential of this technological evolution . With noncash payments in the UAE growing from 39 % in 2018 to 73 % in 2023 , and fintech revenues in the Middle East , North Africa , and Pakistan projected to rise significantly by 2025 , the momentum is clear .
However , this convenience comes with increased risks . Mobile money fraud , credit risk , and challenges in anti-money laundering compliance are at the forefront of concerns for Communication Service Providers , CSPs , who are increasingly assuming the roles traditionally held by financial institutions .
The digital nature of transactions , coupled with the speed and anonymity they offer , creates a fertile ground for fraudulent activities . The UAE , for example , has been actively pursuing hundreds of cases related to financial crime , including money laundering and terrorist financing . Their Executive Office for Anti-Money Laundering and Counter Terrorism Finance has been
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