Wednesday September 30, 2020

Payphone fraud cost Smart Telecom €380k

A sophisticated fraud using Smart Telecom’s network of payphones has cost the company an estimated €380,000 in lost revenues.

9th December, 2006

The company fell victim to an elaborate scam that allowed people using its phones to make free international calls over a period of three months. The fraud was discovered and steps were taken to prevent further losses by upgrading software on the phones last April.

However, it had the effect of slashing Smart’s revenues from its payphone business. Turnover fell 30 per cent in the first three months of 2006 to just over €500,000 -...

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