Out of the $2 Trillion generated by telecom services across the globe, 2% is billed on fraud. Two percent may not seem big of a number, but the cost in dollars is a staggering 40 billion, roughly the same as the revenue of the Walt Disney Company.
The report from the Heavy Reading Service Provider IT Insider Report reveals the staggering loses of many telecom operators despite efforts and policy implementations to curb thefts in the market. The growing losses has unsettled many operators, especially with the growth of mobile services, and mobile payment: technologies which may serve as a catalyst to even more attempts of stealing.
The report also comes at a time when many telecom companies, especially those in the US and Europe, are taking austerity measures to cut down on losses, weather the tumultuous financial environment, and respond to more competitive domestic pricing wars.
Decreasing vigilance among telecom operators has contributed to the rising number of fraud in the industry, alongside networks becoming less and less secure in the digital age. The report recommend redoubling efforts to curb stealing, as well as undertaking a broad research on fraud to understand how it works, and how it persists despite previous actions taken.
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