New York Telecom Exchange, Inc. (NYTEX) Announces Deployment of Its Proprietary Real-Time False Answer Supervision (FAS) Prevent
May 04 2011 - 9:00AM
New York Telecom Exchange, Inc. (NYTEX), the world's first neutral
international telecommunications commodity exchange, today launched
its proprietary real-time False Answer Supervision (FAS) Prevention
System: called tFraudTM. This fully automated FAS recognition
system virtually eliminates the possibility of fraudulent calls for
companies trading on the NYTEX platform.
The real innovation with tFraudTM is that it identifies and
eliminates FAS before the fraud occurs rather than simply reporting
FAS after it happens. This means that there is no need to dispute,
correct and adjust for FAS after the fact since the FAS will never
occur in the first place.
FAS occurs when the calling party:
- is charged for a completed call, even though the call did not
actually connect.
- is charged for a completed call with no or partial audio.
- is charged for a call set-up time rather than actual
conversation time.
- is charged for a fraudulent attempt to route traffic to an
automated messaging platform.
Incidents involving FAS is increasing rapidly and is now a
leading global industry problem costing millions of dollars in lost
revenue. The main markets affected are those with high termination
rates and heavy competition. Finding the source of the fraudulent
behavior is time consuming and near impossible, as carriers resell
routes from other suppliers, often in long chains. These fraudulent
calls are normally blended with real traffic making detection more
difficult using statistical methods. Sometimes, FAS is not due to
malicious behavior, but poorly configured equipment, often used in
international bypass gray market.
Responding to the well publicized concerns of the Global FAS
Forum, whose membership includes the world's leading international
carriers, NYTEX developed the FAS prevention system to identify and
eliminate up to 85% of fraudulent calls. NYTEX's unique position as
a neutral exchange between carriers, guarantees an impartial
determination. NYTEX's real-time billing and clearing system
automatically updates the billable calls with this information and
guarantees that Buyers will not be charged and Sellers will not be
paid for these calls.
According to NYTEX President and CEO Lawry Trevor-Deutsch, "We
are proud to be at the forefront in the battle against fraudulent
and costly call behavior in the international voice market. We have
listened to the industry and responded with a state-of-the-art
solution. NYTEX believes that it is important to ensure that market
participants have confidence in the traffic they trade. This new
system ensures the integrity of our trading platform and shows our
commitment to wipe out FAS from the industry."
About New York Telecom Exchange
New York Telecom Exchange, Inc. (NYTEX), the world's first
neutral international telecommunications commodity exchange,
provides a trading platform for wholesale carriers, mobile and
fixed network operators and retail operators. NYTEX acts as the
central clearing house to all exchange‐traded transactions and
therefore guarantees the delivery and fulfillment of these
transactions. NYTEX has fully integrated US Dollar and Euro trading
floors, where transactions can be completed without incurring any
currency risk.
NYTEX's mission is to organize the world's 400 billion minutes
and $20 billion of international telecommunications traffic and to
become the banking system to the telecommunications industry and
Telecom investors - providing everything from financial institution
clearing to financing to underwriting blocks of minutes. NYTEX, the
New York Telecom Exchange, along with telecom brokers, brokerage
houses, investment bankers and Telecom investors intends to create
a new economy based on telecommunications. Since its creation in
2008, NYTEX has grown to over 300 market participants who trade
over 275 markets, covering the world's major termination markets.
With the creation of NYTEX, developing countries can now use their
international inbound traffic and trade it just like any other
natural resource.
Forward-Looking Statements
This press release includes "forward-looking statements" as
defined by the SEC. All statements, other than statements of
historical fact, included herein that address activities, events or
developments that United American Corporation or New York Telecom
Exchange, Inc expects, believes or anticipates will or may occur in
the future, including anticipated benefits and other aspects of the
proposed acquisition, are forward-looking statements. These
forward-looking statements are subject to risks and uncertainties
that may cause actual results to differ materially. Readers are
cautioned not to place undue reliance on forward-looking
statements, which speak only as of their dates. Except as required
by law, neither United American Corporation nor New York Telecom
Exchange, Inc intends to update or revise its forward-looking
statements, whether as a result of new information, future events
or otherwise.
CONTACT: New York Telecom Exchange, Inc
info@nytex.net
Tel: +1 (212) 738 0759 ext 3746
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