Mobile subscribers will lose $58 billion to fraudulent robocalls in 2023 against $53 billion in 2022, Juniper Research said.
These losses will be driven by the increase in multifarious scam calls to deceive end users, such as unauthorised call forwarding or caller ID spoofing, with the end goal of financial gain.
Despite the development of robocalling mitigation frameworks, such as STIR/SHAKEN in North America, fraudsters’ ability to innovate fraud methods will drive these losses to reach $70 billion globally by 2027. STIR/SHAKEN includes standards to mitigate fraudulent methods in North America, such as caller ID spoofing, which imitates a legitimate enterprise through the use of temporary business numbers.
Tips on how to stop phone scams:
Don’t answer phone calls or texts from unknown numbers, especially those that call or text at odd hours.
Don’t follow prompts like Press 1 or click any links.
Never provide personal information like banking details or other sensitive information.
Download a spam text and call blocker like Robokiller to equip your phone with the latest technology to stop scams.
North America is the most impacted region by fraudulent robocalls, as its affluent nature provides larger monetary opportunities for fraudsters and will account for over half of the losses attributable to robocalling in 2023.
STIR/SHAKEN has reduced the year-on-year growth of fraudulent losses to robocalling in the region by 85 percent between 2022 and 2023. By 2025, fraudulent losses arising from robocalling are anticipated to decline for the first time in North America, owing to the widespread adoption of this framework.
Brand authentication technology enables users to verify the origin of the call on the smartphone screen before answering, and will be the most prominent solution to protecting subscribers from robocalling fraud.
The average loss to phone scams is $1,200, according to the Federal Trade Commission (FTC).
Americans received 225 billion robotexts in 2022, a 157 percent increase from 2021, according to annual phone scam report from Robokiller. Robocalls have reached 78 billion in 2022, 8 percent increase from the year prior.
