iBASIS FraudLock iQ360 Leads Innovation in Fight Against All Major Forms of Fraud

Key Facts

• LEXINGTON, Mass.--()--iBASIS, the leading provider of communications solutions for operators and digital players worldwide, announced today that its FraudLock iQ360 solution has succeeded in blocking 191 million Wangiri fraud calls in H1 2021, a result of its major portfolio expansion to enhance operators’ ability to fight complex, rapidly evolving global telecoms fraud.

• “iBASIS’ FraudLock iQ360 enables us to increase traffic to global destinations while protecting that traffic when it goes to risky destinations” > > Tweet this The estimated annual cost of leakage to communications providers and their customers in 2020 was $141 billion; of this, $48B was loss due to fraud suffered by customers of communications services, and $44B was the cost of fraud to the providers. Frauds, including scams such as IRSF, Wangiri (“one ring and drop” fraud), PBX hacking, and Origin-Based Fraud (OBF) related to Origin Based Routing (OBR) are estimated to cost telcos, operators, and service providers the equivalent of 2.59% of revenues. In 2020 iBASIS joined the RAG Wangiri Consortium, a global initiative that uses blockchain technology to share intelligence about “one ring” Wangiri fraud in its commitment to fighting fraud for customers at the industry level.

• “In our analysis of the current wholesale antifraud landscape, iBASIS has excelled with FraudLock iQ360’s advanced algorithms, 360-degree view to fully protect customers’ inbound and outbound traffic, and industry-first guaranteed SLA protection option.”
• *Risk & Assurance Group Survey of Revenue Assurance and Fraud Management in Communications Providers About iBASIS iBASIS is the leading communications solutions provider enabling operators and digital players worldwide to perform and transform.

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