From VOIP to Robots: Modern Tech Changes Phone Fraud Landscape

From VOIP to Robots: Modern Tech Changes Phone Fraud Landscape

Phone fraud is not a new phenomenon, yet modern technologies, such as voice over IP (VOIP) and e-commerce, help make it easier for attackers to exploit victims. A recent report from Pindrop sheds new light on the current landscape for phone fraud. The report estimates that there are more than 80 million fraudulent scam calls made every month in the United States. Yet the majority of fraudulent calls do not originate in the United States. Pindrop found that 64 percent of fraud calls come from international callers. Phone fraudsters also tend not to use landllines, instead choosing largely to use VOIP to call victims. While phone fraud can take many forms and attack different items, Pindrop reported that credit cards are the top target and have the highest rate of fraudulent calls. When it comes to actual fraud exposure and financial loss, brokerages top the list. There are multiple types of phone scams, including tax (Internal Revenue Service), payday loans and auto insurance scams, though the leading scams by average monthly call volume are tech support call scams. This slide show examines key takeaways from the Pindrop Security report.