Tanla Platforms has announced the launch of Wisely ATP – solution for protection against SMS phishing – at Mobile World Congress (MWC) Barcelona 2023. Wisely ATP is claimed to be a one-stop platform to combat the challenge of SMS phishing.
Phishing is a global challenge. With 4.7 billion internet users (nearly 60% of the global population) now spending nearly 7 hours online daily, the global economy continues to digitalize at an increasing rate – and crime is following quickly. According to the Global Anti Scam Alliance (GASA), online scams are now the most common type of crime, amounting to a loss of nearly USD 55 billion per year globally – 96% of Australians claim to have been exposed to an online scam in the last five years; 61% of French claim to have been exposed to “alternative investment offer” phishing attempt; 50% of UK citizens claim to have received a phishing email, SMS or social media message in one month.
SMS phishing one of the most common cybercrime in India
India ranks among the largest markets for SMS phishing, with over 6 million citizens scammed annually and an estimated loss of nearly Rs 15,000 crore. The country’s growing mobile user base and low SMS rates have led to SMS phishing becoming one of the most prevalent forms of scam. Our analysis shows that over 5 billion SMS phishing attempts are made in India annually.
Despite the magnitude and criticality of the problem, no established solution currently exists to solve the phishing problem end-to-end. Current solutions are reactive, thus – unable to curb the issue comprehensively. “Phishing has now become an organized industry: scammers are becoming faster and more sophisticated, consistently finding new ways and clever pretexts to get users to disclose sensitive information. The problem is real. The problem is huge. Now is not the time to experiment. To grow in this digital-first world, it is critical that enterprises urgently take steps to enhance customer safety and build trust. Wisely ATP is a first-of-its-kind revolutionary solution that acts as a single platform to solve the phishing problem end-to-end. It protects the user, disables the scam and eliminates the scammer. It enables brands to always be three steps ahead of the fraudster,” said Uday Reddy, Chief Executive Officer, Tanla.
Regulators across the globe are starting to realize the impact of phishing on society and are seeking solutions that can help mitigate this challenge. In India as well, the Telecom Regulatory Authority of India (TRAI) has been closely watching this space. It recently conducted a regulatory sandbox that successfully validated the effectiveness of Wisely ATP.
“In this highly sophisticated and rapidly evolving phishing landscape, traditional solutions such as rule- based firewall deployments have proven to be ineffective. Before Wisely ATP, there was no real established solution. Wisely ATP is an AI-based solution to eliminate phishing completely. After identifying the scam, the Wisely ATP also helps eliminate fraudulent assets (such as fake URLs, WhatsApp accounts etc.) and provides evidence to apprehend the fraudster. It is a true end-to-end solution,” said Sunil Bajpai, Chief Trust Officer, Tanla.
Phishing is a global challenge. With 4.7 billion internet users (nearly 60% of the global population) now spending nearly 7 hours online daily, the global economy continues to digitalize at an increasing rate – and crime is following quickly. According to the Global Anti Scam Alliance (GASA), online scams are now the most common type of crime, amounting to a loss of nearly USD 55 billion per year globally – 96% of Australians claim to have been exposed to an online scam in the last five years; 61% of French claim to have been exposed to “alternative investment offer” phishing attempt; 50% of UK citizens claim to have received a phishing email, SMS or social media message in one month.
SMS phishing one of the most common cybercrime in India
India ranks among the largest markets for SMS phishing, with over 6 million citizens scammed annually and an estimated loss of nearly Rs 15,000 crore. The country’s growing mobile user base and low SMS rates have led to SMS phishing becoming one of the most prevalent forms of scam. Our analysis shows that over 5 billion SMS phishing attempts are made in India annually.
Despite the magnitude and criticality of the problem, no established solution currently exists to solve the phishing problem end-to-end. Current solutions are reactive, thus – unable to curb the issue comprehensively. “Phishing has now become an organized industry: scammers are becoming faster and more sophisticated, consistently finding new ways and clever pretexts to get users to disclose sensitive information. The problem is real. The problem is huge. Now is not the time to experiment. To grow in this digital-first world, it is critical that enterprises urgently take steps to enhance customer safety and build trust. Wisely ATP is a first-of-its-kind revolutionary solution that acts as a single platform to solve the phishing problem end-to-end. It protects the user, disables the scam and eliminates the scammer. It enables brands to always be three steps ahead of the fraudster,” said Uday Reddy, Chief Executive Officer, Tanla.
Regulators across the globe are starting to realize the impact of phishing on society and are seeking solutions that can help mitigate this challenge. In India as well, the Telecom Regulatory Authority of India (TRAI) has been closely watching this space. It recently conducted a regulatory sandbox that successfully validated the effectiveness of Wisely ATP.
“In this highly sophisticated and rapidly evolving phishing landscape, traditional solutions such as rule- based firewall deployments have proven to be ineffective. Before Wisely ATP, there was no real established solution. Wisely ATP is an AI-based solution to eliminate phishing completely. After identifying the scam, the Wisely ATP also helps eliminate fraudulent assets (such as fake URLs, WhatsApp accounts etc.) and provides evidence to apprehend the fraudster. It is a true end-to-end solution,” said Sunil Bajpai, Chief Trust Officer, Tanla.
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