Torry Harris is a finalist in TM Forum’s Moonshot Catalyst Awards 2024
Torry Harris is a Finalist in TM Forum's Moonshot Catalyst Awards 2024. Together with Cognizant, Econet, KPMG, Orange, Safaricom, Subex, and Verizon, Torry Harris is contributing to a future where AI-agents powered defenses, cross-industry collaboration, and secure data-sharing create a powerful, proactive shield against fraud.
Magnitude of Fraud:
The digital age has fueled both unprecedented innovation and a relentless surge in fraud. Organizations across industries are bleeding billions annually, with telcos and financial institutions among the hardest hit.
- Fraud Explosion: Telecom fraud losses surged to a staggering $38.95 billion in 2023
- Revenue Impact: 2.5% of telecoms’ annual revenue is lost to fraud, jeopardizing financial stability
- Financial Crime Impact: Globally, a massive $485.6 billion lost to financial crime in 2023
- Account Takeovers: 29% of individuals in the US experienced targeting attempts in 2023
Solution Overview
Our catalyst, ‘AI-powered fraud defense: Turning vulnerability into profitability’, demonstrates how the power of Generative AI and LLMs can help telcos not only mitigate fraud on their network, but also play a pivotal role in solving the fraud problem for other verticals, and thereby opening new revenue streams. Key focus areas include:
- AI-Agents Powered Defense: Deploy adaptable AI agents that learn, predict, and act in real-time, thwarting fraud in its tracks.
- Unlock Data's Power: Harness the unique insights within telco data, while upholding strict privacy standards, to empower financial institutions with unprecedented risk assessment capabilities.
- Break Down Silos: Foster secure, collaborative data sharing that benefits both telcos and financial institutions.
- Turn Defense into Revenue: Enable telcos to ethically monetize their data, opening a vital new revenue stream. The Bigger Picture: This catalyst aims to change the game. We envision a future where AI-agents powered defenses, cross-industry collaboration, and secure data-sharing create a powerful, proactive shield against fraud.
TM Forum Catalyst Awards
The Catalyst Awards recognize achievements in industry innovation, collaboration, and growth through proof-of-concepts. In 2024, 50 Catalyst teams co-created solutions to industry challenges faced by communications service providers and their technology partners. These projects were showcased at our DTW24 – Ignite event in Copenhagen from June 18-20, 2024.
