Fraudulent robocalls will cost mobile subscribers worldwide a record $58 billion this year, study shows

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A new report from Juniper Research has found that mobile subscribers will lose $58 billion to fraudulent robocalls globally in 2023. This is an increase from $53 billion in 2022.

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Featured image by Don Hankins / Flickr (CC)

The rise in various scam calls designed to trick end users will be the main cause of the losses. With the intention of making money, it may involve caller ID spoofing or unauthorized call forwarding.

Despite the continued development of robocalling mitigation mechanisms, such as STIR/SHAKEN in North America, the paper projects that by 2027, losses from fraud would total $70 billion globally due to fraudsters’ capacity to develop new fraud techniques.

STIR/SHAKEN contains guidelines to reduce the use of fraudulent techniques common in North America, like caller ID spoofing. By using transient business numbers, it mimics a legitimate firm.

Bespoke Frameworks

Because of its wealth and the fact that it will account for more than half of the losses attributed to robocalling in 2023, North America will continue to be the region most affected by fraudulent robocalls.

According to the analysis, between 2022 and 2023, STIR/SHAKEN reduced the region’s yearly growth in fraudulent losses attributable to robocalling by 85%.

Due to the widespread deployment of this framework, projections show that fraudulent losses from robocalling would start to reduce in North America by 2025.

The research advises stakeholders developing frameworks outside of North America to concentrate on region-specific fraud methods, such as unauthorized call forwarding, as customized frameworks will more effectively handle them than by a copy of STIR/SHAKEN.

A crucial component of frameworks for fraud mitigation mentioned by the paper is new brand authentication technology. It fosters customer confidence in voice channels.

Before answering a call, users can utilize the technology to look up the caller’s identity on their smartphone screen. It will stand out as the best defense against robocall fraud for subscribers.

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Author: Francis Rey

Francis is a voracious reader and prolific writer. He has been writing about social media and technology for more than 10 years. During off hours, he relishes moments with his wife and daughter.

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