On January 23rd and 24th 2019, our CEO Mr. Jazib Zaman and Editor in Chief of TechEngage Jessica Baron attended WeMeet Asia, a two-day event hosted by WeDo Technologies, in Malaysia. The main purpose of the event was to bring together corporate representatives, technology experts, and delegates from all around the world to talk over the challenges posed by the technologies emerging in the telecom industry. The event took place in the Four Seasons Hotel in the center of the Golden Triangle.
As a guest for the event, we got the opportunity to learn about the different challenges posed by advances in artificial intelligence in terms of safeguarding businesses from different types of fraud and 5G technology.
Every year, WeDo Technologies gathers people from the IT and Telecommunications industry to take part in Worldwide Users Group (WUG) and has a powerful global presence. It is multinational corporations that specialize in fraud management and revenue assurance. The headquarters of WeDo Technologies is located in Lisbon, Portugal, but they have their offices all over the world, including Malaysia.
At present 108 countries are availing the services provided by WeDo Technologies, and it has well-renowned customers, including IBM and Amazon.
Fraud management is an essential part of any telecommunication business, but many companies lose a considerable amount of money due to fraud and abuse per year. There are three different kinds of fraud that takes place in the telecommunication businesses.
- Roaming Fraud – where external people use the company’s services without paying
- Bypass Fraud – where the fraudsters manipulate all the call records of the company
- Subscription Fraud – where subscribers use false information to sign up for free services
As per the discussion at the conference, it was also anticipated by the CFCA (Communications Fraud Control Association) that with the rise in 5G technology fraud is also expected to rise, and this will make business more prone to exploitation.
With the anticipated consequences of 5G technology concerning fraud management, cooperation among the fraud management companies and telecommunication businesses have become essential. At the conference, it was stated by all delegates that the companies should work together to reduce the upcoming fraudulent activities in the telecom industry. Also, during the press panel at WeMeet Asia, the executives openly accepted that the fraud management companies and telecom businesses should work together under a collaborative approach.
WeDo Technologies also provides companies with the tools to safeguard their networks so people should pay focus to such companies if they care about the future of digital communications. With the growing world of technology, we should be aware of the effort that would take to secure a massive amount of data and to prevent fraudsters from exploiting the telecom businesses and their systems. In the future, there would be much faster connections and increased connectivity due to which the fraud could be easily anticipated, and for this matter, the fraud management companies should always be prepared.
We are planning to attend further WeDo Technologies Events around the globe to get more understanding of Artificial Intelligence and Intelligent Business Models to incorporate them into Pakistani IT and Telecom Industry.