The Chief Executive Officer of One Communications Guyana, Abraham Smith, has issued a call on telecommunications operators across the region to rethink their approach to security and fraud as mobile numbers become increasingly connected to financial transactions, digital identities and access to essential services of customers.
Just recently in Guyana, there has been a noted increase of fraud attempts involving the use of mobile numbers.
The One Communications CEO is attending the 41st Conference of the Caribbean Association of National Telephone Organisations.
Speaking to industry leaders, Mr. Smith noted that while operators have made significant progress in tackling traditional threats such as SIM box and roaming fraud, the expanding role of mobile connectivity in everyday life has created a new and more complex security environment.
He said twenty years ago, a mobile number primarily enabled calls and text messages, but today, that same number may be used to authenticate bank accounts, authorise financial transactions, recover passwords, access government services and participate in the digital economy.
“Over time, we have now become these custodians of trust,” Smith said, noting that this evolution requires the industry to look beyond protecting telecommunications infrastructure and consider the wider identity and trust ecosystem now connected to mobile services.
He pointed to SIM swaps as one example of how traditional telecom processes can carry significantly greater risks today.
It was explained that what may appear to be a routine customer service request could potentially facilitate an account takeover or an unauthorized financial transaction, if a mobile number is also being used to verify a customer’s identity.
He said companies must know their customers (KYC) and customer on-boarding must be treated as strategic security and trust-building capabilities, rather than simply regulatory requirements.
He said operators must broaden their fraud expertise beyond traditional telecom fraud to address financial scams, account takeover attempts, agent fraud and digital identity abuse. This, he said, may also require telecommunications companies to draw on expertise traditionally found within banking and financial services.
He has also suggested that management must become a central enterprise risk priority, with processes such as SIM replacement, device replacement and customer verification receiving greater security attention.
Additionally, the CEO called for stronger collaboration among telecommunications operators, mobile money providers, banks, fintechs and regulators, noting that emerging threats increasingly cross traditional industry boundaries.
“The threat actors already collaborate, and so our defence ecosystem needs to adapt as well,” Smith told the forum.
It was noted that the issue is particularly important as Caribbean economies accelerate digital transformation and consumers increasingly rely on mobile connectivity to conduct transactions and access financial and other digital services.
Smith said regional collaboration will therefore be critical to strengthening the industry’s response to emerging threats.
“It’s already a problem. We see it every single day. But I know as we work together we can overcome it,” he said.
You must be logged in to post a comment Login