Telcos face US$300bn global loss from uncollected revenues and fraud in 2016

Luke Taylor, CCO, Neural Technologies

Neural Technologies has announced the results of its Telecoms Risk Management Global Survey 2016. Telecoms operators face an estimated global average loss of 13% or US$294 billion* resulting from uncollected revenue and fraud.

Over 100 telecoms fraud experts completed the survey which reveals that revenue loss varies widely by region, with Central Asia seeing 17% losses compared to a relatively modest 8% in Western Europe. Hard revenue losses – such as external fraud, bad debt and internal fraud – totalled 6.9%, (equivalent to approximately $155 billion) with missed revenues, for example sub-optimal call routing, poor processes and incorrect data usage, accounting for the remaining 6.2% ($139 billion).

Chief commercial officer, Luke Taylor, commented: “The Neural Technologies Telecoms Risk Management Global Survey 2016 has given us a valuable snapshot of the telecoms industry from the operators themselves. The main findings include the fact that, in more than 50% of companies surveyed, the CFO is the most senior individual responsible for fraud, credit risk and revenue assurance – which reflects our understanding based on talking to many CSPs in the past few years, so the buck really stops there, and we think that CFOs will find the report particularly useful.”

Neural-Technologies-brochure_Global-Loss-figures_large

 

“In addition, when it comes to managing risk, our respondents cited ‘knowledge sharing’ as equally important as the ‘underlying systems.’ Neural is keen to encourage the exchange of information between peers and this was an important discussion at our 2015 User Forum. The telecoms sector is significantly expanding its services around the world with faster broadband, 4G/5G roll-out and more connected devices. Our survey reveals that new services create both new revenue opportunities and risks for operators and the challenge is to secure the upside and minimise the losses,” Taylor added.

Neural Technologies’ solutions empower organisations to minimise financial risk to their business, providing comprehensive risk management capability in the areas of application risk, fraud, credit risk, customer attrition, collections and revenue assurance.

* US dollar figures based on Estimated Global Revenues from CFCA 2015 Industry Survey.

To request a copy of the Neural Technologies Survey Report, visit www.neuralt.com/globalsurvey2016  or for further information email info@neuralt.com

Comment on this article below or via Twitter: @IoTnow_  OR  @jcIoTnow

RECENT ARTICLES

Global Road Technology launches its SDU worldwide to help drive mine site safety and efficiency

Posted on: October 6, 2022

Gold Coast, Australia – Dust control specialists Global Road Technology (GRT) is making automation a core focus of its product offering for the mining sector worldwide with its SMART Dosing Units (SDU) being launched globally as governments call for tighter controls around dust pollution.

Read more

Sateliot works with AWS on cloud native 5G satellite network to connect IoT devices directly to satellites

Posted on: October 4, 2022

San Diego, United States – Sateliot, a satellite telecommunications operator, is working with Amazon Web Services (AWS) to build a cloud native 5G service designed to provide customers with secure and reliable narrowband IoT (NB-IoT) connectivity over non-terrestrial network using its low earth orbit (LEO) satellite constellation. These revolutionary satellites act as cell towers from

Read more
FEATURED IoT STORIES

The IoT Adoption Boom – Everything You Need to Know

Posted on: September 28, 2022

In an age when we seem to go through technology boom after technology boom, it’s hard to imagine one sticking out. However, IoT adoption, or the Internet of Things adoption, is leading the charge to dominate the next decade’s discussion around business IT. Below, we’ll discuss the current boom, what’s driving it, where it’s going,

Read more

9 IoT applications that will change everything

Posted on: September 1, 2021

Whether you are a future-minded CEO, tech-driven CEO or IT leader, you’ve come across the term IoT before. It’s often used alongside superlatives regarding how it will revolutionize the way you work, play, and live. But is it just another buzzword, or is it the as-promised technological holy grail? The truth is that Internet of

Read more

Which IoT Platform 2021? IoT Now Enterprise Buyers’ Guide

Posted on: August 30, 2021

There are several different parts in a complete IoT solution, all of which must work together to get the result needed, write IoT Now Enterprise Buyers’ Guide – Which IoT Platform 2021? authors Robin Duke-Woolley, the CEO and Bill Ingle, a senior analyst, at Beecham Research. Figure 1 shows these parts and, although not all

Read more

CAT-M1 vs NB-IoT – examining the real differences

Posted on: June 21, 2021

As industry players look to provide the next generation of IoT connectivity, two different standards have emerged under release 13 of 3GPP – CAT-M1 and NB-IoT.

Read more

IoT and home automation: What does the future hold?

Posted on: June 10, 2020

Once a dream, home automation using iot is slowly but steadily becoming a part of daily lives around the world. In fact, it is believed that the global market for smart home automation will reach $40 billion by 2020.

Read more

5 challenges still facing the Internet of Things

Posted on: June 3, 2020

The Internet of Things (IoT) has quickly become a huge part of how people live, communicate and do business. All around the world, web-enabled devices are turning our world into a more switched-on place to live.

Read more

What is IoT?

Posted on: July 7, 2019

What is IoT Data as a new oil IoT connectivity What is IoT video So what’s IoT? The phrase ‘Internet of Things’ (IoT) is officially everywhere. It constantly shows up in my Google news feed, the weekend tech supplements are waxing lyrical about it and the volume of marketing emails I receive advertising ‘smart, connected

Read more
IoT Newsletter

Join the IoT Now online community for FREE, to receive: Exclusive offers for entry to all the IoT events that matter, round the world

Free access to a huge selection of the latest IoT analyst reports and industry whitepapers

The latest IoT news, as it breaks, to your inbox