Veoo Joins Battle Against Mobile Messaging Fraud
Veoo joins 24 other companies in contributing industry expertise to MEF’s ‘Future of Messaging’ Programme
Veoo, a global mobile consultancy and leading provider of mobile messaging solutions, has announced its involvement in the A2P Messaging Fraud Framework. Published today by global mobile trade body, Mobile Ecosystem Forum (MEF), the Framework identifies 11 types of fraud that are affecting the global messaging market today, and offers advice to businesses on how best to combat these.
The A2P (Application to Person) market has seen significant growth in recent years, as brands and enterprises increasingly use the channel for marketing, authentication and customer engagement. However, it is estimated that fraud is currently costing the industry over $2billion annually, creating volatility in the market and directly impacting enterprises and customers.
Thanks to the company’s work in utilising SMS to enable mobile marketing, engagement and billing for customers such as Skype and Microsoft, Veoo was one of 25 companies chosen by MEF to develop the Framework as part of a two-year programme, launched in Q4 2015, to raise awareness of the issues and best practices in the mobile messaging industry. Other companies that have contributed to the programme, entitled ‘The Future of Messaging,’ include BICS, Mblox, Openmarket, Telefonica and Twilio, representing all corners of the global messaging market.
The fraud types identified in the Framework include SMS Phishing, Hacking and Faking, as well as Grey Route and SIM Farms, many of which are complex and benefit from a widespread lack of understanding by those affected. The Framework is now available to download and offers insight on the causes and impacts of various types of messaging fraud, as well as forming the basis of various best practice guidelines that will be unveiled over the course of the Programme.
Gillian Hughes, VP of Corporate Sales, Veoo, commented on contributing to the Fraud Framework: “Messaging is an incredibly vibrant industry, with more businesses than ever taking advantage today of the fantastic customer engagement opportunities that A2P messaging opens up. However, we must all be vigilant and ready to respond quickly to ensure that criminals are not able to exploit the success of this booming industry sector. Education is key, and at Veoo, we are very happy to lend our extensive knowledge to this new Framework, so that businesses can employ best practice and ensure that they are protected against all forms of messaging fraud.”
Joanne Lacey, ‘The Future of Messaging’ Programme’s Director, and MEF’s COO, also commented: “The A2P Messaging market continues to enjoy robust growth, both in terms of traffic, with new sectors embracing messaging for mission critical, and other business to consumer communication. However, the prevalence of fraud across the value chain directly impacts monetisation today and threatens the market’s ability to sustain growth. The Fraud Framework, launched today by MEF’s Working Group, is a solid foundation for the industry to agree best practice and work together to accelerate the clean-up of the market.”