Insights

ANI Networks, Equifax and Mutare Share Insights on Fraud Prevention Solutions

Oct 18, 2024

The 2024 Somos Summit was more than just a gathering of industry professionals — it was a platform for sharing stories of collaboration and real-world impacts. It provided an opportunity to highlight the ways in which telecom data and innovation are driving tangible improvements across sectors. Among the many insightful sessions was Empowering Users: Advanced Fraud Protection and Growth Opportunities Leveraging Telecom Data. This session offered a unique chance to hear from customers who have successfully implemented Somos data solutions to bolster security, streamline operations and enhance the consumer experience. It demonstrated how these efforts translate into meaningful outcomes for businesses and their clients alike.

Moderated by Bill LaRuffa, Senior Director of Strategic Partnerships at Somos, the discussion featured panelists David Gipner, Vice President of Business Development at ANI Networks, Rich Quattrocchi, Vice President of Digital Transformation at Mutare, Inc. and Steven Silva, Vice President of Data and Data Strategy at Equifax. Each panelist brought a wealth of expertise and shared how leveraging Somos data solutions has transformed their approaches to fraud prevention and operational efficiency.

Bill LaRuffa set the stage by emphasizing how the Somos Summit fosters collaboration and highlights success stories, focusing on the practical benefits of products like RealAgent and RealNumber Do Not Originate (DNO).The session aimed to showcase how businesses are using these tools not just to combat fraud, but also to create new growth opportunities through enhanced data integrity and customer trust.

Steven Silva discussed Equifax’s use of Somos’ RealAgent, emphasizing the importance of accurate, high-quality data. Accessing a database of disconnected numbers has been particularly valuable for Equifax, helping the company maintain the integrity of its commercial and consumer records by removing outdated or inaccurate information. This improvement directly supports Equifax's "Know Your Business" (KYB) efforts and Anti-Money Laundering (AML) practices. Steven noted that using RealAgent has allowed Equifax to process around seven million transactions per month, filtering out roughly two million outdated or incorrect records, thus ensuring a higher standard of data accuracy.

David Gipner from ANI Networks shared how his company has integrated the RealNumber DNO solution to enhance visibility into call traffic and reduce fraud. Initially adopted as a way to protect ANI’s network and customers, RealNumber DNO has become a critical part of the company’s robocall mitigation strategy. Gipner highlighted the impressive impact of RealNumber DNO implementation: a decrease from ten million hits per month in 2022 to just around one million in 2024. He attributed this decline to broader industry adoption and education efforts, which have empowered customers to better understand and manage their call traffic, improving overall network integrity.

Rich Quattrocchi of Mutare, Inc. offered insights into their voice traffic filtering solution, which combines multiple data sources, including the RealNumber DNO dataset and Somos’ RealAgent data, to identify and block fraudulent calls. He outlined how Mutare’s solution uses a multi-layered approach, incorporating STIR/SHAKEN verification, machine learning and custom rules to differentiate legitimate calls from scams. Quattrocchi emphasized the value of binary data like the RealNumber DNO dataset, which allows for straightforward decision-making in filtering unwanted calls. He also pointed to the need for continued evolution, noting that future developments will focus on countering AI-driven voice scams, ensuring that their solutions remain effective as threats become more sophisticated.

As the session wrapped up, the panelists highlighted the importance of using trusted data sources to enhance both fraud prevention and customer experience. They agreed that while challenges remain, the partnership between telecom providers and data solutions offered by Somos play a pivotal role in creating a safer, more reliable communications ecosystem. The session underscored that tackling fraud is a collective effort — one that requires continued innovation, collaboration and a shared commitment to improvement.

Key Takeaways:

• Authoritative Data is Key: Tools like Somos’ RealAgent and RealNumber DNO provide accurate, verified data essential for maintaining data integrity, helping to prevent fraud and ensuring reliable customer communications.

• Collaboration Drives Success: Educating customers and sharing best practices across the industry are crucial for reducing fraud and enhancing the overall telecom landscape.

• Adapting to Emerging Threats: As fraud tactics evolve, especially with the rise of AI-based scams, it is vital for telecom and data companies to innovate continuously to stay ahead of malicious actors.

To learn more about the 2024 Somos Summit and to gain access to on-demand recordings, visit www.somos.com/summit