The last several years — partly due to the COVID-19 pandemic — produced a wide range of challenges and opportunities for communication service providers (CSPs), resulting in an acceleration in digital sales and service channels. During this time, CSPs saw a migration from a primarily in-person retail shopping experience to an even divide between physical retail and digital commerce — a massive shift from historical shopping patterns1
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While this change in consumer behavior led to a boost in revenue through online channels, it also came with a sinister partner: an increase in digital fraud losses. Since the pandemic, digital fraud losses for CSPs have grown 35%1, and device theft — often originating in the digital channel — became a high-impact concern representing $373M in global losses annually1. Total fraud losses cost the industry $32 billion in 20222. With digital fraud playing a large part in this, it’s imperative CSPs take necessary steps to better protect themselves from fraud originating in the digital channel.