At IDT global, we’re proud to announce that for the third consecutive year, we have been recognised by the Global Leaders’ Forum (GLF) for our commitment to combating telecoms fraud and compliance with the 2024 GLF Code of Conduct.
The Code of Conduct, established in 2018, sets clear guidelines for identifying fraudulent traffic and provides best practices for operators to mitigate these risks. It’s an honour to be among the select companies globally recognised for upholding these high standards.
While only a number of carriers are compliant, it’s encouraging to see many major industry players stepping up to tackle the growing issue of telecoms fraud. The GLF Code of Conduct remains a crucial benchmark for the industry, and we’re proud to play our part in promoting transparency and accountability.
To learn more about the 2024 GLF report and the important work being done to fight fraud in telecoms, you can download the full report here: https://glfcommunity.com/reports-fraud/fraud-report-2024
Here are a few key highlights from this year’s report:
- Fighting fraud becomes a top priority: In 2024, 64% of carriers identified fraud prevention as a “top priority,” a significant increase from 2023.
- The impact of international voice fraud is decreasing: For the first time since 2018, 50% of operators reported a reduction in the volume and impact of voice fraud, marking a positive shift in the fight against these threats. IRSF, CLI Spoofing, and OBR Fraud remain the most impactful fraud types, financially and operationally.
- Fraud in SMS remains a challenge: While there have been slight reductions in the volume and impact of SMS fraud, the industry continues to face significant threats. Smishing, Artificially Inflated Traffic (AIT), and SMS Originator Spoofing are the most prominent risks.
- Leverage of AI in fraud detection: There is a growing reliance on new technologies to tackle emerging threats, with over 60% of carriers surveyed now using AI-driven systems to enhance fraud detection and prevention.
- Rising regulatory scrutiny expected: Over 64% of carriers expect increased regulatory scrutiny due to unwanted traffic, making fraud prevention a key area of focus and collaboration.
