The Global Carrier Billing Payment Summit is an annual gathering of leaders in carrier billing and mobile payments to analyze the current mobile payments ecosystem and forecast future industry trends. For more information about the event, check out the official GCB and Mobile Payments Summit website. 

Experience the power of AI-powered cybersecurity for carrier billing at our booth

During the event we’ll be at booth #3, ready to showcase our award-winning anti-fraud solutions to help you secure and optimize your carrier billing strategies. This event presents a golden opportunity to discuss with Evina how AI and human expertise can work together to combat fraud and fully secure carrier billing flows for mobile operators, payment aggregators and forward-thinking merchants. 

Don’t Miss Out: Book a Meeting with the Evina team

Stay Tuned for Our Keynote Address

In addition to our stand, we’re delighted to announce Evina’s CEO, David Lotfi, will be giving a keynote speech on the lessons he has learned from his many years of experience in the Direct Carrier Billing (DCB) industry. This keynote will take place on the 19th of September at 10:10 a.m. on the main stage.

The 19th and 20th of September are set to be eventful days, so mark your calendars and make sure to schedule a meeting with us! Join the DCB and mobile payments conversation at the GCBSUMMIT 2023.

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In this edition, we we able to get valuable insights into the industry from:

• Mohamed Benhamadi, Managing Director & Business Development at Telecoming
• Rami Dahabreh, Director of Business Development at Sam Media
• Mark Robinson, CEO at Infomedia

Quick Talk with Mohamed Benhamadi from Telecoming

Telecoming’s Managing Director & Business Development underscores the pivotal impact of content localization in the dynamic Middle East region.

Quick Talk with Rami Dahabreh from Sam Media

Sam Media’s Director of Business Development highlights the importance of clearly defining the unique value mobile payment companies can offer when entering a new market like the Middle East.

Quick Talk with Mark Robinson from Infomedia

Infomedia’s CEO advocates for product-market fit, which entails aligning offerings with the specific needs of users and partners and services as the cornerstone of success.

If you’re a DCB executive interested in sharing your DCB and mobile payments insights at the next event featuring Evina, please contact us at communication@evina.com.

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Mobile money has become an integral part of daily life in many parts of the world. The convenience and ease of use offered by mobile money systems have fundamentally changed how people manage their finances, pay bills and even receive income. The industry is a rapidly growing with over 1.35 billion registered accounts processing $1 trillion in transactions annually, according to the GSMA’s State of the Industry Report on Mobile Money 2022. 

However, this positive momentum is now threatened by fraud. Cybercriminals are constantly finding new ways to exploit vulnerabilities in mobile money systems, resulting in significant financial losses for businesses and a loss of user trust. Evina research shows that 73% of defrauded mobile money users reduce their usage and 21% churn after being defrauded.

In this article, we will take a closer look at two common fraud techniques used by cybercriminals and the financial impact on mobile money businesses.

The common fraud techniques on mobile money and their financial impact

Commission fraud is a common tactic used by dishonest agents to inflate the commissions paid to them by mobile operators. This is achieved by manipulating the system and creating fake transactions.

The cost of commission fraud to a mobile money provider can be up to 4% of its annual revenue.

Phishing is another common technique used by cybercriminals to steal sensitive information and generate unwanted mobile money transactions. This is done by tricking a user into revealing sensitive information through convincing phone calls or messages.

The cost of phishing to a mobile operator can be up to 3.8% of its annual revenue.

MobileMoneyProtect: The solution against mobile money fraud 

The consequences of these fraud techniques have a significant impact on the entire mobile money ecosystem. Not only do they affect the user directly, but they also harm the mobile operator’s brand image and lead to reduced mobile money usage. Evina has developed a sophisticated mobile money solution to combat even the most complex fraud patterns: MobileMoneyProtect. The mobile money solution enables mobile operators and mobile money services to stop cybercriminals from stealing from, protect their users and grow their mobile money businesses. 

To learn more about MobileMoneyProtect, check out the solution here or contact one of our team members. 

The post Protecting Your Mobile Money Business from Fraud: An In-depth Look at Common Fraud Techniques and Their Significant Impact on Revenue appeared first on Evina.