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  • Robocall fraud to cost consumers $40bn globally in 2022

Robocall fraud to cost consumers $40bn globally in 2022

27 September, 2021 at 10:44 AM

Posted by: Anasia D'mello

Robocall fraud to cost consumers $40bn globally in 2022

A new study from Juniper Research has found that consumers will lose $40 billion (€34.22 billion) to fraudulent robocalls globally in 2022; rising from $31 billion (€26.52 billion) in 2021. 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, fraudsters impersonate a genuine brand or enterprise to gain the call recipient’s trust.

The new study, Robocall Mitigation: Emerging Strategies, Competitor Leaderboard & Market Forecasts 2021-2026, 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.

Brand authentication frameworks need standardisation

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. Research co-author Charles Bowman remarks, “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.”

North America leading fight against robocalling fraud

North America is the region most afflicted by fraudulent robocalling; accounting for 45% of global losses next year, despite representing just 5% of mobile subscribers. The report suggests that other regions emulate STIR/SHAKEN, a framework developed and deployed in the US in response to the growing threat of fraudulent robocalls. This framework standardises stakeholders’ roles in combatting robocalls aiming to reduce financial loss to fraud.

For more insights, download our free whitepaper: Robocall: The $40 billion (€34.22 billion) Threat

Comment on this article below or via Twitter: @VanillaPlus OR @jcvplus


category: Business & Markets, Fraud, News, Products & Services

Tags: Charles Bowman, fraudulent, Juniper Research

VanillaPlus Q4 Magazine
 

VanillaPlus Issue 4 2022: CSP focus turns to generating revenue from enterprises

As 5G arrives, private networks start to gather momentum and new applications enabled by artificial intelligence (AI), machine learning and software-based network control transform telecoms. VanillaPlus caught up with Sam Barker, the head of analytics and forecasting at Juniper Research, to understand where the opportunities lie for communications service providers (CSPs).

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