Subex and RAG join hands to leverage Blockchain for combatting fraud

Subex, a leading telecom analytics solutions provider, has entered an alliance with the Risk & Assurance Group (RAG) to provide a blockchain-based fraud management solution. As part of this joint venture, Subex has joined RAG Wangiri Blockchain Consortium, a group of the world’s leading Communications Service Providers (CSP), that seeks to use Blockchain technology to collect real-time industry threat intelligence about fraudsters.

Frauds are very common, yet a major problem, in the telecom business and companies have to spend billions of dollars on their resolution annually. By partnering with the RAG Wangiri Blockchain Consortium, Subex aims to provide its customers with a decentralized and cryptographically secure blockchain ledger of fraud-related information. The ledger is already supported by CSPs across the globe, synchronized and made available to all consortium members in real-time.

Subex will make it easy for users of their ROC Fraud Management solution to update and utilize this common repository. Existing customers using compatible versions of ROC Fraud Management will be able to take advantage of this threat intelligence database.

Commenting on the partnership
Rohit Maheshwari, Head – Strategy and Products, Subex said, “We, at Subex, are excited about the promise of RAG Wangiri Blockchain as it enables an API based mechanism for telecom operators to exchange data, allowing them to respond to threats faster than ever before. Further, this will be one of the first large scale blockchain-based efforts in the fraud data exchange space.”We believe this is a great opportunity for the industry to come together and move collectively against fraud. Moreover, from an organizational standpoint, this is in line with our aspiration to play a role towards enabling collaboration and contributing further to the fraud management community.”

Besides Wangiri fraud, the consortium intends to look into extending its coverage to areas such us international premium range fraud numbering, fraudulent IP address information, and stolen devices in the future.