Globally, mobile users are expected to lose over $58 billion to scam calls in 2023
Mobile users are expected to lose a massive $58 billion to fraudulent scams worldwide this year, a report showed on Monday.
According to Juniper Research, the loss caused by fraudulent robocalls is an increase from last year’s $53 billion lost to mobile phone subscribers.
These losses are due to the increase in various scam calls intended to defraud end users, such as unauthorized call forwarding or caller ID spoofing, with the ultimate goal of obtaining financial gain.
Despite the continued development of robocall mitigation tools, the report predicted that fraudsters’ ability to innovate fraud methods will cause these losses to reach $70 billion globally by 2027.
North America continues to be the region most affected by fraudulent calls, as its affluent nature offers greater financial opportunities for scammers and accounts for more than half of robocalling losses in 2023.
However, the report estimates that the STIR/SHAKEN framework has reduced the annual increase in fraudulent losses to robocalls.
By 2025, fraudulent losses from robocalls are expected to decline for the first time in North America due to widespread adoption of this framework, according to the report.
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