Two years after deploying Lightbridge Inc.’s FraudBuster product, Canada’s Rogers Cantel said it has seen measurable results.
“Prior to implementing FraudBuster, we had a significant problem with cloning and subscription fraud,” said Richard Reid, director of fraud security at Rogers Cantel.
“With cloning fraud, it took us between 14 and 20 days to identify the fraud with the systems we were using at the time because we didn’t have a real-time system where we could see the fraud as it occurred.”
FraudBuster, which Lightbridge has provided to about 30 customers worldwide to date, is a fraud profiling and detection system that identifies normal patterns of usage based on call detail records. When activity occurs that is outside normal parameters or is suspicious, the system triggers an alarm.
Reid said the company went from losing thousands of dollars per case to between $500 and $600 per incident.
“We also were having a serious customer-service problem because it was taking so long to identify the fraud,” said Reid. “Customers were realizing they had been cloned when they were opening their bill.”
Reid said the company is using FraudBuster to identify fraud before subscribers realize it has occurred, allowing the company to proactively contact the customer and investigate the fraud.
“It has increased our customer satisfaction ratings 100 percent,” said Reid, who noted overall fraud losses are down by about 75 percent.
Prior to implementing the Lightbridge system, Rogers Cantel each month averaged about 3,500 cloning and subscription fraud cases that required investigation.
The average number of cases following deployment has dropped to about 700 per month, said the company.
