We need to talk about fraud
The messaging industry has a problem with fraud and cybersecurity. This problem is varied in terms of targets and scale. In some cases, the fraud is perpetrated against private individuals, for example, in the case of Smishing attacks trying to extract money or data. In other cases, the fraud targets the network operators themselves by using grey routes to redirect revenue from the operator to the bad actor. For security professionals like CIOs, Data protection Specialists and Security Officers that are responsible for tackling these various vulnerabilities on their networks, this can be a huge challenge.
There are, however, sophisticated solutions that can help to beat fraudsters and reinstate the integrity of messaging networks. In many cases, this involves the use of AI to detect and protect in real-time.
In today’s rapidly evolving digital landscape, security and fraud prevention officers need to proactively protect messaging networks from fraud and cyber-attacks while preventing revenue leakage caused by SIM farms and grey route usage.
Openmind Networks understands the importance of these goals and has developed Open Protect, a powerful communication protection solution. In this blog post, we will explore how Openmind Networks’ Open Protect empowers security and fraud prevention officers to achieve their objectives by effectively combating fraud and cyber threats and preserving revenue streams.
Challenges for security professionals in the messaging industry
Unfortunately, security professionals in many cases lack control of messaging network security with existing tools. SMS Firewalls are not sufficient and they need a great suite of tools in their arsenal.
Smishing attacks are causing mobile subscribers financial and emotional damage. They are hugely damaging to the reputation of many of the Enterprise subscribers on networks, particularly the likes of financial services, logistics companies and utility companies.
The corporate losses as a result of fraudulent routes, AIT and SIM farms are negatively impacting profitability and revenue security.
Finally, network operators are relying on their security and fraud prevention teams to ensure their is confidence in the SMS channel in order for it to grow into the future as a trusted channel of communication for Enterprises.
Benefits of tackling security and fraud prevention
- Clean up your networks for good
Open Protect acknowledges the multifaceted nature of communication channels and offers a comprehensive solution to secure various modes of communication, including SMS, MMS, and CPaaS messaging services. As a security or fraud prevention officer, you can rely on Open Protect to provide a unified platform that addresses the diverse security challenges associated with these channels. With Open Protect, you gain control and visibility over potential risks and vulnerabilities across your organization’s communication infrastructure.
- Real-time threat capture 90%+ detection rates
Open Protect equips you with an array of advanced security features to proactively defend against fraud and cyber-attacks. The solution leverages intelligent threat detection algorithms, real-time monitoring, and predictive analytics to identify and respond swiftly to potential security breaches. With Open Protect, you can detect and block suspicious activities such as phishing attempts, spam, and fraudulent messages. By adopting a proactive defence strategy, you can reduce the impact of security incidents and stay one step ahead of cybercriminals.
- Data protection compliance
Compliance with data protection regulations is of utmost importance to security and fraud prevention officers. Open Protect streamlines the process of maintaining compliance by offering robust privacy and data protection features. It ensures end-to-end encryption, access controls, and data anonymization to safeguard sensitive customer information. With Open Protect’s audit trails and reporting functionalities, you can easily demonstrate regulatory compliance and mitigate potential legal and reputational risks.
- AI-powered fraud detection
Open Protect empowers you to enhance fraud detection and prevention capabilities. By leveraging advanced analytics and machine learning algorithms, the solution identifies patterns, anomalies, and behavioural indicators associated with fraud. Open Protect equips you with valuable intelligence to proactively thwart fraud attempts and protect your organization’s financial assets. With real-time alerts and actionable reports, you can respond swiftly to security incidents and take appropriate measures to mitigate risks.
- Insights reporting
Effective collaboration and customization options are essential for security and fraud prevention officers. Open Protect facilitates seamless collaboration by enabling you to share insights, alerts, and reports with relevant stakeholders within your organization. Moreover, the solution offers customization options, allowing you to tailor security policies, rules, and thresholds to align with your organization’s specific needs and risk tolerance. With Open Protect, you can foster a collaborative environment and adapt the solution to your unique requirements.
Below listed are the key features of the Open Protect Platform;
- Message Content Analysis: Deep analysis of message content to detect suspicious patterns, keywords, and phishing attempts.
- Neural Networks: Advanced machine learning algorithms that enhance detection accuracy and enable proactive fraud prevention.
- Blacklist/Whitelist: A centralized database of malicious URLs to identify and block potential threats.
- Sandboxed Environment: Safely visiting URLs within a controlled and isolated environment to prevent potential threats from affecting the main network.
- Geo-Targeting: Simulating visits to URLs from specific locations or jurisdictions to assess region-specific threats and compliance requirements.
- Message Content Depersonalization: Anonymizing message content while maintaining analysis capabilities for privacy and compliance purposes.
- Domain Registration Analysis: Examination of domain registration details to identify potential fraud or malicious intent.
- URL Shortener Integrations: API’s and agreements with URL shortener providers (such as Bitly and Cuttly allow OpenMind to automate abuse reporting and initiate almost instant takedown of URLs being used with malicious intent.
- Dashboards and Analytics: Comprehensive visual tools and insightful analytics to monitor and analyze network traffic, enabling quick decision-making and actionable insights.
Clean networks with greater revenue potential
As a security or fraud prevention officer, your role is pivotal in safeguarding your organization’s communication channels from fraud and cyber attacks. Openmind Networks’ Open Protect solution empowers you to fulfil this critical responsibility effectively. With its comprehensive protection features, advanced security capabilities, streamlined compliance functionalities, enhanced fraud detection, and collaboration options, Open Protect equips you with the necessary tools to fortify communication channels and protect your organization’s assets. Stay ahead of the evolving threat landscape with Openmind Networks’ Open Protect and ensure the security and integrity of your communication infrastructure with confidence.
To learn more about Open Protect, reach out to one of our experts today!
