MONTREAL, May 4, 2011 (GLOBE NEWSWIRE) -- 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.
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.
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