Robocalling Fraud: The 6 Biggest Scams to Watch in 2024

Robocalling has become a significant tool for fraudulent activities, targeting both businesses and individuals alike. The above infographic summarises the six biggest robocall scams currently targeting consumers, to the cost of almost $71.3 billion this year; however, the implementation of frameworks such as STIR/SHAKEN, and mass rollout of branded calling solutions, are expected to significantly impact criminals' operations.

One prevalent method utilised by bad actors is caller ID spoofing, where the caller manipulates the displayed caller ID to appear as a trusted entity, increasing the likelihood of the call being answered. This tactic often leads to the extraction of personal information, such as bank details or passwords, resulting in financial losses for the victim.

The elderly, often perceived as more trusting and less technologically savvy, are prime targets for robocall fraud. Common scams include pension fraud and romance scams, preying on the loneliness and financial assets of this demographic. The emotional impact on victims, particularly in romance scams where trust is manipulated, can be profound.

While the elderly are frequent targets, younger demographics are also vulnerable, especially with increased smartphone usage from an early age. Fraudsters capitalise on their interests, such as social media and contests, to perpetrate robocall fraud. Lack of awareness about the risks further exposes younger individuals to these scams.

The repercussions of robocall fraud extend beyond individual victims to mobile operators who face monetary losses and damage to customer trust. Implementing robust fraud detection and prevention measures is crucial for operators to mitigate losses and maintain customer loyalty. Failure to address robocall fraud adequately can result in not only financial ramifications but also loss of clientele to competitors. Therefore, prioritising effective mitigation strategies is imperative for mobile operators to combat the pervasive threat of fraudulent robocalls on their networks.

Source: Global Robocall Mitigation & Branded Calling Market 2024-2029

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