Enterprises are undergoing rapid growth throughout Africa. With increased digitisation comes the risk of fraudulent cyber activity. For telcos, improved penetration of mobile connectivity in Africa means criminals have a much bigger pool of victims to target. Therefore, all enterprises should consider fraud protection software and improved digital security.
Large companies need a way to identify, track and tackle fraud. Both the company and its customers may be heavily impacted if data and revenue are lost through fraudulent behaviour. Having the right partner is essential to tackle these issues related to digital security.
4C Group fraud protection solutions
4C Group works with enterprises across Africa to protect their digital assets using our iNSight software – our trademarked flagship product. iNSight provides an effective and efficient fraud management and revenue assurance system. It helps to protect businesses against losses from scams, fraud or money laundering infringements.
With iNSight, our clients choose the services that they want from our modular software. The iNSight software is compatible with other systems, so our clients enjoy seamless integration with their existing infrastructure.
Part of the iNSight tool is our business assurance module. Designed specifically for enterprises in Africa, this software allows telcos and other large corporations to thrive in a heavily competitive environment. The three key components of business assurance are fraud management, revenue assurance and anti money laundering. These offerings improve digital security for financial assets and transactions.
Digital security with revenue assurance
By using our revenue assurance module, enterprises can ensure that they track and collect all revenue owed to them. The iNSight software allows for accurate capturing and monitoring of revenue. It can detect and correct payment or billing errors. Revenue assurance is data-driven and is able to process large volumes of payments in real time.
The iNSight revenue assurance management tool tracks any actual or potential leakage points to ensure that all systems associated with receiving money are working as intended. Inaccurate data can be corrected before it reaches the billing system. This means that customer accounts are instantly updated and the customer journey is not negatively impacted by any errors.
Maintaining financial integrity
Using our fraud management application, enterprises can take a proactive approach to financial integrity. Through our fraud management software, businesses gain excellent visibility into what is happening with their billing and subscriptions with real time monitoring and actionable business insight.
Data-centric automation is used to analyse trends and behaviour so that fraud can be quickly identified. The system can be used to aid in the generation of reports based on any irregularities relating to revenue leakage. These can be quickly resolved as suspicious behaviour is automatically identified and alerts are triggered.
Multiple fraud alarms are constantly monitoring business systems. A fraud alarm will trigger when specific conditions arise or if there are any suspicious patterns in behaviour that are detected. Fraud cases can be generated to give analysts high visibility into what is happening within the system. These fraud cases can then be sent to the case management tool, giving analysts and investigators a central view of possible security breaches
Fraud affects enterprises in Africa
Unauthorised transactions and billing can present a major problem to enterprises. Click-jacking or malware application fraud is something that companies need to take seriously if they are to protect their valuable business assets and preserve trust with their consumers.
The digital world can be a breeding ground for various types of fraudulent activity and could potentially have a negative consequence for both businesses and their consumers. There are both direct and indirect costs associated with fraud. The financial implications include the reputational costs that businesses face if they become victims of fraud.
For example, a cyber scam known as ‘wangiri’ fraud is currently being used by criminals. In these instances, a person receives a number of calls that are immediately dropped. When they return the call, they are billed at an international rate. This can be damaging for a telco’s reputation, especially when customers deemed the call to have come from the telco itself.
Fraud management and protection with 4C Group
Since 2003, we have been a trusted tech partner for financial institutions, telcos and multinational businesses throughout Africa. We work around the clock with thousands of enterprise IT systems and databases, processing over 750 terabytes of data, 6-million mobile money transactions and almost a trillion call records for our telco customers every day.
At 4C, we have a multidisciplinary team of experts who are dedicated to our clients. They work to protect revenue and digital assets, building trust as a preferred fintech solution partner. We have an excellent track record with our customers boasting 100% client retention rate. For more information about our fraud management solutions, please contact us today.
At 4C Group of Companies, we strive to effect operational changes and cost savings for customers through our iNSight product and associated services. This product’s main function is to re-purpose and deliver business-critical information to a variety of systems and stakeholders.
We specialise in information assurance, business assurance, FinTech solutions and a variety of business systems. For more insights into our products and services, check out our blog page or follow us on Facebook and LinkedIn.