Fraud Intelligence Limited: Year in Review

INTRODUCTION

Dear Customers, Partners, Friends, and Supporters,

Across the globe: 2024 was yet another year of significant challenges, from hacking, phishing, volumes of automated phone calls (“robocalls”), increasing identity theft, and APP fraud, just to name a few, that are reflected in an increase in cross-industry fraud, with mobile devices and services becoming the gateway to other industries and their customers. Almost all customers, vendors, and carriers have felt the effects of these actions and economic uncertainties, exacerbated by increasing demands from shareholders and investors to ‘do more with less’ — no excuses.

Fraud Intelligence Limited believes that fraud cannot be solved by any one party alone; it requires the power of the community to unite and work towards a common goal built on a global solution approach.

Our unwavering dedication is to build and strengthen an open-source ecosystem where all parties can share their fraud intelligence in a way that will ultimately benefit the end retail customers. To make that happen, however, RAFM teams must be able to make more informed and actionable decisions on how to evaluate and act on fraud signals and bring those shared data sets into their fraud leaking prevention efforts.

This year has seen unprecedented global attention on electronic communications fraud, with governments, regulators, and industries uniting to tackle this growing threat. Customer protection is now a priority, as millions face sophisticated scams daily. The telco and fraud prevention sectors are poised for meaningful progress, but investment must be paired with collaboration. Encouragingly, we’re seeing a shift, with telcos, vendors, and governments sharing intelligence like never before — an essential step toward long-term success.

— Anthony Sani, CEO, Co-Founder, Orillion

BUILDING AN ECOSYSTEM

Over the past year, we have invested in key enhancements on our platform that give RAFM professionals tools to drive real business value across telcos and vendors. The first of these enhancements was announced in June 2024 with the launch of our new user interface. A product release that resulted in a series of upgrades to our web application while fortifying our backend infrastructure with security and scalability in mind. Tech can’t be just buzzwords; it has to be driven by customers' needs and simplified to the point where RAFM teams feel safe and confident that what they invest their time in works, and works well.

Recognising the importance of ROI and Expense Management in today’s environment, we have pioneered a freemium to pay-per-use model that removes the cost equation from customers who want to gain access to a diverse set of existing fraud types (Wangiri, IRSF, Stolen Device, IP address, and SMS A2P) and future (Scam, Phishing URL, flash calls, and more).

These digital credits, or “tokens" as we call them, enable our customers to contribute data onto the Fraud Intelligence Blockchain. When doing so, they can also download data from the ledger to gain access to the shared fraud intelligence of our global community. This flexibility enables a fair and inclusive ecosystem for all participants and promotes the correct behaviour and value for ALL parties. And if parties only want to retrieve data without contributing, that’s fine, too. We offer a modest subscription fee to support ongoing development.

2024 was a year where we just bunkered down and executed. No distractions, learning to identify the best course of action to ensure quality over quantity- because when you have a strategy, talent, and a track record, it is imperative to position the opportunity and benefits of shared fraud intelligence to the world in a way that helps customers, not confuse them. Our customers' trust is our greatest asset, built through hard work over a long period. As we go forward, we are focused on the success of our clients and building tools and capabilities that enable us to help fraud intelligence professionals. And if we stay true to our values and strategy, the best days will come.

— Andrew Wong, COO, SORAMITSU

Of course, we learn a lot by talking to our customers, understanding what is working and not working, and acting on needs, not just waiting around. Over time, using our data has the potential to benefit law enforcement and other adjacencies, so we have also built our platform from day one, ensuring we comply with privacy laws and data protection regulations.

Customers tend to focus on the financial and economic outcomes of what is built; Gotta show the results.

In quick succession, we rolled up our sleeves. We launched another set of features that empower significant attribution for vendors who contribute data to customers, giving them clarity on what the ROI story looks like when participating in the Fraud Intelligence Blockchain. Our teams did a great job of prioritising and working on capabilities that strengthen the growth of our shared fraud intelligence model. Discover more about these features in our Expanded Capabilities update.

DATA GROWTH

It’s good to remember that our technology supports an ecosystem. This is not just about Fraud Intelligence Limited, and this is about the impact and scale of the data we bring to all retail and wholesale telcos, data vendors, and FMS vendors, with a view that we are consortia agnostic. To date, we have seen exponential growth, with close to 2M fraud identifiers and more than 200K new fraud data points contributed monthly and growing, with a global footprint. Our ecosystem is not static, and we have seen our members interacting with each other actively, which further evidences the real collaboration amongst ALL parties in the Fraud Intelligence Blockchain.

The year presented significant challenges in fraud management, specifically in communication technologies, proving the increasing demand for a universal solution to resist diverse fraud scenarios simultaneously. Our team has deliberately focused on user experience, security, and use case flexibility, achieving remarkable milestones that reflect our commitment. The platform's most significant accomplishment is consistent data growth, which has reached a new volume horizon. As we enter the new year, we remain even more determined to address the most pressing calls of the telecommunications industry with innovative blockchain technology.

— Bogdan Mingela, Engineering Lead, SORAMITSU

INDUSTRY CONSORTIUMS

Fraud Intelligence Limited was also admitted into the ONE CONSORTIUM. This leading industry-led body is pioneering and building on standards that further the principles of collaborating for the benefit of the industry and community. Admission into the One Consortium represents a unique and humbling opportunity to work alongside telecom industry leaders who are on top of their game and can strategically advance policies and technologies that can serve the public good and community trust. More information can be found in our ONE Consortium announcement.

CUSTOMER ENDORSEMENTS

When we formed Fraud Intelligence Limited, the rationale was clear: How can we combine our resources into an ecosystem that enables us to foster intelligence sharing for all fraud types — telcos and beyond — worldwide?

As we built this platform, we are thrilled to have the support of key industry leaders and partners who have expressed their support for our effort.

With fraud becoming an increasingly pervasive issue, the importance of intelligence sharing cannot be overstated. The new fraud intelligence blockchain represents a significant step forward in this regard.

By enabling more secure and efficient exchange of information, this technology offers a robust solution to the challenges we face. MTN Nigeria recognises the value of such collaborative efforts in combating fraud and supports initiatives that enhance our collective ability to safeguard digital interactions.

— Nixon Wampamba, General Manager, Business Assurance & Fraud Management, MTN Nigeria

Vodafone recognises the importance of sharing intelligence securely and efficiently. We’re on board with this initiative, ready to continue supporting its objectives in safeguarding customers and our networks.

— Morgan Ramsey, Senior Manager, Fraud Centre of Excellence at Vodafone

Fraud intelligence sharing is becoming increasingly paramount in today's interconnected world, where threats constantly evolve. By sharing information and insights from around the globe, we are helping empower our clients to stay ahead of fraudsters and protected from harm.

The Fraud Intelligence Blockchain offers a robust solution for intelligence sharing due to its inherent transparency, immutability, and decentralized nature. Utilizing blockchain technology eliminates single points of failure and reduces the risk of data manipulation and unauthorized access.

Leveraging blockchain for fraud intelligence sharing revolutionizes combating fraudulent activities by enabling real-time collaboration and fostering a collective defense against emerging threats. We are pleased to embrace this innovative approach to combating fraud, safeguard our clients’ networks and build a more secure future for all.”

We endorse the FIB’s initiative to leverage blockchain technology for fraud intelligence sharing. By harnessing the power of blockchain, we can foster greater trust, collaboration, and efficiency across industries in combating fraud.

— Don Reinhart, Co-Founder and CEO, LATRO

SUMMARY

The results and leadership we have today result from hard work over many years. We know how hard it is to push the barrier further and stay ahead of the pack. But our promise to you is that we will NOT remain complacent. We will stay humble and hungry and always give our best.

We look forward to sharing our initiatives with you in FY 2025 and invite you to visit the Fraud Intelligence website for more information and to try the Fraud Intelligence app.

Happy Holidays

Fraud Intelligence Limited, Leadership Team.

Fraud Intelligence Limited links:

GitHub

Documentation

About Orillion

Orillion Solutions are committed to delivering products that solve industry problems by leveraging deep data insights and modern technology use. Our focus on disruptive and innovative solutions allows us to protect and create real value for our customers, placing us at the forefront of risk management and operational assurance. Our solutions empower our clients with advanced fraud insights and prevention capabilities, helping them mitigate the risks of financial loss and reputational damage.

About Soramitsu

Soramitsu is an award-winning, global financial technology company with expertise in developing blockchain-based solutions for central banks, multilateral financial institutions, and decentralised cryptoeconomic ecosystems. Soramitsu's mission is to use blockchain to promote innovation and solve pressing societal challenges.