Automated Call Fraud To Cost Consumers Worldwide $ 40 Billion In 2022, Says Juniper Research
Consumers to lose $ 40 billion to fraudulent robocalls around the world in 2022; rising from $ 31 billion in 2021, according to a new study from Juniper Research.
Fraudulent robocalls pose threats to consumers by encouraging the disclosure of personal information that fraudsters can use for identity theft. In most robocall fraud cases, scammers pose as a real brand or company to gain the trust of the recipient of the call.
The new study predicts that emerging mitigation frameworks will combat fraudulent robocalls by creating an ecosystem in which brands and businesses are verified before the call is made. However, he noted that standardizing services among all stakeholders, including mobile operators, brands and mobile operating system developers, will be key to creating a service that mitigates fraud in real time.
The report identified brand authentication technologies as an essential part of these frameworks. Branded authentication services provide mobile subscribers with information on the smartphone screen before the call is answered, including the verified identity of the calling company and the purpose of the call.
To maximize the benefits of these frameworks, creating an ecosystem that allows businesses to be third-party verified will be key to restoring confidence in mobile voice as a communication channel. Research co-author Charles Bowman said, “Even if the fraudulent attempt fails, subscribers will still be subjected to annoying calls. By 2022, we predict that more than 110 billion spam automated calls will be made globally; dramatically decreasing the value of mobile voice channels.
North America is the region most affected by fraudulent robocalls; accounting for 45% of global losses next year, although it only accounts for 5% of mobile subscribers. The report suggests that other regions are emulating STIR / SHAKEN, a framework developed and deployed in the United States in response to the growing threat of fraudulent robocalls. This framework standardizes the roles of stakeholders in the fight against robocalls aimed at reducing financial losses due to fraud.