Avoiding fraud will always be an ongoing problem for organizations. Companies can put specific measures in place to combat fraud but the fact is, according to the data, they will still lose 5% of revenue to fraud. That 5% can really add up no matter the size of your organization.
When discussing fraud within a company most people think of corruption, insider trading or some type tax fraud. These are common type of fraud but misappropriation of assets accounts for 80% of corporate fraud schemes.
With new technology comes to opportunities to commit fraud. Especially with rapid deploying technologies sparked by sudden increases of demand. This is most definitely the case when it comes to Unified Communications as a Service or UCaaS.
The Mobile Workforce
Over the last few years, UCaaS has seen a rising rate in fraud. One of the reasons can be attributed to the fact the service providers are inexperienced in detecting and preventing telecommunications fraud. Many of these cloud solutions can be susceptible to fraud because of the fast pace rollout of these tools. In addition, the rising demand of mobile workforces has opened the door to scammer both inside and outside of an organization.
Many remote works want the ability to use their devices and apps to quickly and effectively communicate with their counter parts. UCaaS is a great benefit for streamlined communication that helps with productivity. But it is important to consider all security ramifications to prevent fraud.
Security to Consider with UCaaS
Permissions and User Access
Misappropriation of assets begins with unauthorized access to data or features. Make sure the UCaaS system your company is purchasing has the ability to establish quick and comprehensible sets of permission for all. Also, it is important to track the logins for all employees. When an employee leaves the company, immediate action must be taken to remove the user completely from the platform. This is a very commonly overlooked problem organizations face. When was the last time you verified the users on your platforms?
Track Suspicious Activity
UCaaS platforms come with different capabilities. It is important to utilize these functionalities to monitor any potentially fraudulent activity. Find a provider that delivers alerts and warnings in real time on any suspicious activity.
UCaaS is an affordable and quick solution because it is made available in a “shared environment”. This means that multiple cloud tenants are stored in the same physical server. Cloud providers have different methods to prevent any spillover with other tenants in this space. A proper vetting of providers can help determine who is best to deliver this solution.
Choose the solution that works best for your enterprise.
The growing demand for these services is not going to let up anytime soon, especially as the mobile workforce method continues to expand. Companies do not need to spend unlimited resources constantly monitoring and fighting fraud. IT departments are already burden enough with the cost of security without having to worry about fraudulent use of UCaaS.
As we move to a new type of workforce, businesses must stay ahead of these type of security threats. Using a third-party to help shop and negotiate terms of this service can assist to alleviate the headaches that come with fighting fraud.
Teligistics has helped many companies source the right UCaaS systems in place for their enterprise. Use our professional sourcing experts to find the right system for the right price. Teligistics has helped source $12 Billion in telecom revenue giving us the market intelligence to find the right solution and strengthen the terms in conditions with your UCaaS sourcing initiative. Find out more here.
Terms in this Article
UCaaS – Unified Communications as a Service is a cloud delivered communications tool that allows enterprises to connect. This can be done through a platform that allows audio/video/web conferencing meetings, instant messaging, collaboration, unified messaging and mobility communications. A popular example of UCaaS is Zoom which has generated high amounts of demand through out 2020-2021.
VoIP – Voice Over Internet Protocal. UCaaS uses VoIP to help communicate. VoIP allows you to make calls over an internet connection rather than calbe wiring like traditional phone systems. An example of this is Facetime which is a popular method of video calling done over internet or data connection.