Fraud Intelligence Limited (FIL) has announced that LATRO, a global provider of fraud prevention solutions for the telecommunications and fintech industries, has joined the Fraud Intelligence Blockchain. This development is expected to enhance fraud prevention efforts by fostering intelligence sharing within the telecommunications sector while also increasing overall customer value through combined expertise.
Fraud Intelligence Limited operates as a joint venture between ORILLION Solutions and SORAMITSU, with a core mission centered around the exchange of fraud intelligence. The initiative enables authorized telecommunication firms, vendors, and law enforcement agencies to collaborate in a community-driven effort to combat fraudulent activities through shared data and cooperative strategies.
Leveraging Blockchain for Enhanced Fraud Detection
By integrating with the Fraud Intelligence Blockchain, LATRO aims to leverage advanced blockchain capabilities to tackle the increasing challenges of fraud in the telecom and fintech industries. This integration grants LATRO access to an extensive and continuously evolving fraud intelligence database. The database covers a broad spectrum of fraud types, including Wangiri, International Revenue Share Fraud (IRSF), stolen devices, IP address-related fraud, SMS A2P, and phishing URLs.
The Fraud Intelligence Blockchain has demonstrated rapid expansion, with over two million fraud identifiers and more than 200,000 new fraud data points being added monthly. The initiative spans 150 countries and involves active contributions from industry participants and consortiums, making it a highly effective global fraud prevention network.
A Community-Driven Model for Intelligence Sharing
The initiative introduces an innovative event record tokenization mechanism, which ensures a fair and reliable incentive model for contributing participants. LATRO is expected to benefit from this tokenized approach, as well as the platform’s freemium pay-per-use model, which facilitates cost-efficient participation while granting access to valuable fraud intelligence.
This model promotes collaboration by allowing members to earn and utilize internal digital credit tokens. Participants can contribute fraud intelligence data to the blockchain while simultaneously utilizing the shared information to improve their own fraud detection capabilities. This approach encourages transparency and responsible engagement among all involved parties.
Advanced Fraud Prevention with Confidence Scoring
LATRO will further benefit from Fraud Intelligence Limited’s proprietary confidence scoring system. This system employs dynamic configurations for different fraud types to ensure that the most relevant and current data remains active while outdated information is systematically removed. This method helps LATRO maintain its fraud prevention solutions at the cutting edge of the industry.
As the telecommunications sector continues to evolve, the partnership between LATRO and Fraud Intelligence Limited is anticipated to lead to new innovations that provide value-added services for telecom companies while enhancing consumer protection worldwide. The collaboration underscores a shared commitment to leveraging technology for a safer and more secure digital environment.