From VOIP to Robots: Modern Tech Changes Phone Fraud Landscape
by Sean Michael Kerner
Most Phone Scams Are International
According to Pindrop’s research, 64 percent of fraud calls originate outside the victim’s country.
VOIP Is a Phone Fraud Enabler
Phone scam attackers tend not to use landlines; instead, 53 percent of fraud calls come in over VOIP.
Credit Cards at Risk
Credit card institutions face the highest fraud rates, with one out of every 900 calls being some form of fraud, according to Pindrop.
Brokerages Have the Highest Phone Fraud Exposure
When it comes to actual fraud financial exposure, brokerages top the list, at $15 million, followed by credit card institutions, at $11 million.
Tech Support Calls Are the Leading Scam
There are multiple phone scams, with tech support calls being the most popular with an average monthly volume of 8 million calls.
High Fraud Call Volume
Unfortunately, phone fraud isn’t a unique occurrence. Pindrop reported approximately 86.2 million phone fraud calls each month.
Don’t Blame Humans; It’s Robots
While the majority of phone calls still come from humans, Pindrop estimates that 8.1 million U.S. phone numbers receive a minimum of one robocall per week.