Robocall fraud to cost consumers $40B worldwide in 2022: research

The report identified brand authentication technologies as a critical element of these frameworks

robocalls

Robocall fraud to cost consumers $40B worldwide in 2022: research. Source: pexels.com

According to Juniper Research, consumers will lose $40 billion to fraudulent robocalls globally in 2022, rising from $31 billion this.

In fact, fraudulent robocalls pose threats to consumers by encouraging the disclosure of personal information. Fraudsters can use that data for identity theft. In most robocall fraud cases, fraudsters impersonate a genuine brand or enterprise to gain the call recipient’s trust.

The new study predicts that emerging mitigation frameworks will combat fraudulent robocalls by creating an ecosystem in which brands and enterprises are verified before the call is placed.

However, it noted that standardising services across all stakeholders, including mobile operators, brands and mobile operating system developers, will be essential to creating a service that mitigates fraud in real-time.

The report identified brand authentication technologies as a critical element of these frameworks. Brand authentication services provide mobile subscribers with information on the smartphone screen before the call has been answered, including the verified identity of the enterprise calling and the purpose for the call.

To maximise the benefit of these frameworks, creating an ecosystem that enables enterprises to be verified by a third party will be essential to re-establish trust in mobile voice as a communications channel.

Even if the fraudulent attempt is unsuccessful, subscribers will still be subject to nuisance calls. In 2022, we predict over 110 billion unwanted robocalls will be made globally; significantly diminishing the value of mobile voice channels
Charles Bowman, research co-author

We’ve reported that DHL is set to invest over $300M in its US-based operations.

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