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The Global Voice Group (GVG) has announced its plans to address the issue of global revenue loss to fraud in the telecom industry, which currently amounts to $39.89 billion. As a major provider of IT solutions to governments and regulatory authorities, GVG will discuss and offer actionable solutions to telecom companies at the 2023 RegTech Africa Conference. The conference has the theme, ‘Elevating National Policy on Financial Inclusion, Consumer Protection and Cybersecurity’ and is scheduled to hold between 24th – 26th May 2023 in Lagos-Nigeria.
According to a survey by the CFCA Global Telecommunications Fraud Loss in 2021, the total revenue loss due to fraud in the telecom industry was $39.89 billion, with an additional $28 billion lost globally in uncollected revenue. With razor-thin margins, fierce competition, and constant attempts by fraudsters to swindle companies, telecom operators cannot afford to lose more money on their billing. Billing discrepancies lead to disputes and possible customer churn.
Cyril Okoroigwe, the CEO of RegTech Media, explained that telecom billing is a complex process that involves interrelated technologies and processes working together to provide a seamless service. To ensure that telecom companies bill their clients as per the commercial agreement, GVG will share insights on revenue assurance in telecom at the conference. Regulatory technology (RegTech) is becoming a key consideration in many African countries, with benefits including fraud detection and transaction monitoring, as well as increasing telecom tax collections.
Operators that rely solely on lower rates to beat the competition may not survive in the long term. Those that invest in revenue assurance technology solutions will not only provide great service but also raise their revenue by plugging in the leaks. Given the rate of 5G adoption, telecom companies need to start modernizing their revenue assurance processes now, Okoroigwe said. Smart businesses must prepare their systems to automate every touchpoint, including billing, charging policies, and fraud detection.
Traditional revenue assurance systems are of little value because they alert when the damage is already done. With the sheer volume and velocity of data in 5G, there is a need to act in real-time. A unified fast data platform should address revenue assurance needs during the entire life cycle in one seamless motion. Telecom companies need to match their revenue assurance processes with the technologies of the future, such as 5G. Current 5G deployments are not widespread, and telecom operators can absorb any losses. However, as 5G adoption increases, telecom companies need to start preparing their systems to adapt to the new technology.
