3GTelecoms is a UK-based telecommunications SME with a core project team of telecommunication experts.
The dramatic growth in online shopping and other digital-based services during the COVID-19 pandemic has been mirrored by a boom in scams. From 2020-2021, more than £2.3B was lost to telecommunication scams, and an estimated 45M people in the UK received scam texts or calls in a three-month period. Telecommunication fraud is also a serious challenge for UK businesses, particularly those with websites where customers enter a telephone number. Fake and premium rate numbers are being used to defraud UK businesses, by entering a premium rate telephone number onto a website application form, the website is often forced to call or text the premium rate number, generating revenue for the fraudsters. International revenue share fraud alone costs businesses up to £5B/year. UK SMEs are disproportionately negatively affected, and the UK's reputation as a safe place for online business is under threat.
3GTelecoms is developing an international registry for every telephone prefix and a machine learning service to detect if a phone number could be fraudulent. Compared to existing solutions, 3GTelecoms innovation is more accurate, provides more detailed verification data, and offers global coverage.
3GTelecoms' solution is anticipated to prevent UK companies from losing £35M to fraud each year. It will help strengthen the UK's position as a technology superpower by providing a key technical service to thousands of e-commerce companies globally. By keeping companies safe online, the project will help make the UK the best place to start and grow a digital business.