SMS fraud is the automation of delivery of high-volume, high-cost SMS messages that cybercriminals can monetize by having the messaging charges billed to unsuspecting organizations. According to the Fraud Loss Survey Report 2021 by the Communications Fraud Control Association, fraudulent SMS activity, such as toll or international revenue share fraud, was estimated to have resulted in losses of over $6.7 billion globally in 2021. As the telecommunications industry grapples with significant losses, many SMS providers struggle to have an operational response to fraud. The need for advanced solutions has become increasingly evident, and 8x8 is taking a proactive stance to provide enterprises with the highest level of safeguarding for their customers.

"The impact of SMS fraud, and the toll it takes on both customer experiences and a brand’s reputation, can be astronomical, not to mention incredibly costly. To meet the needs of our customers, we are constantly evolving our 8x8 CPaaS portfolio as we evaluate customer pain points and develop solutions that will deliver substantial business value,” said Stephen Hamill, General Manager, CPaaS at 8x8, Inc. “Delivering a solution that is truly game changing for our customers is our goal, and we are thrilled by early adopter results for our new Omni Shield solution, including an 80% reduction in fraud traffic.”

Emphasizing the importance of 8x8 CPaaS and the new SMS fraud prevention communication API to achieve the highest standards of secure and reliable communication, Kevin Sugiarto, Senior Vice President of Product Strategic Integration at Privy said, ”In an era of evolving digital threats, Privy relies on 8x8 CPaaS and its Omni Shield solution to keep our communication channels safeguarded. It's not just about preventing fraud; it's about protecting our brand's reputation, elevating our services, and delivering unmatched value to our customers. We're pioneering the establishment of a new standard of security and enhancing our customers’ experiences.”

The 8x8 Omni Shield solution, enriched with pre-built communication APIs, is seamlessly integrated with real-time messaging, across web and mobile applications, and proactively detects and prevents fraudulent activities through automated fraud alerts, real-time notifications, live traffic monitoring, and instant phone number assessments. Benefits include:

• Comprehensive, intelligent monitoring that decreases and blocks most Artificial Inflation of Traffic (AIT) attacks and may reduce monthly messaging expenses that arise from unwanted AIT activity.
• Real-time traffic analysis that tracks, detects and triggers alerts of potential fraud.
• Automatic detection and cancellation of messages from known fraudulent numbers.

8x8 CPaaS, which includes SMS, voice, chat apps, and video interaction, serves as a key enabler of business communications and customer experience in an ever-evolving digital transformation. 8x8 CPaaS is part of the 8x8 XCaaS™ (eXperience Communications as a Service™) integrated cloud contact center, business phone, team chat, video meetings, and SMS platform.

About 8x8 Inc.

8x8®, 8x8 XCaaS™, eXperience Communications as a Service™, eXperience Communications Platform™ are trademarks of 8x8, Inc.

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Source: 8x8, Inc.