Fraudulent robocalls to cost mobile subscribers a record $58 billion this year

Fraudulent robocalls to cost mobile subscribers a record $58 billion this year

A new report from Juniper Research, foremost experts assessing emerging communications technologies, has found that mobile subscribers will lose $58 billion to fraudulent robocalls globally in 2023, a rise from $53 billion in 2022.

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 ongoing development of robocalling mitigation frameworks, such as STIR/SHAKEN in North America, the report predicts that 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 popular in North America, such as caller ID spoofing, which imitates a legitimate enterprise through the use of temporary business numbers.

North America absorbs over 50% of fraudulent losses

North America continues to be 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.

However, the report estimates that STIR/SHAKEN has reduced the year-on-year growth of fraudulent losses to robocalling in the region by 85% 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.

Bespoke frameworks needed

The report urges stakeholders formulating frameworks outside North America to focus on region‑specific methods of fraud, such as unauthorised call forwarding, that will be more efficiently covered through tailored frameworks rather than through a reproduction of STIR/SHAKEN.

In addition, the report identified emerging brand authentication technology as key in fraud mitigation frameworks; instilling consumer trust in voice channels. This 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.

Find out more in the new report: Robocall Mitigation: Strategies, Business Models & Market Forecasts 2023-2027

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