"Scam Robocalls Forecast to Cost $58bn This Year"

According to security researchers at Juniper Research, the cost of fraudulent robocalls to victims will increase 9% from 2022 to reach $58bn globally this year.  The researchers noted that auto-dialing software that delivers pre-recorded messages is widely available and used by both legitimate marketers and scammers.  The researchers warned that fraudsters will continue to outwit attempts to mitigate their efforts, driving robocall scam losses to $70bn globally by 2027.  The researchers stated that efforts to combat these scams include STIR/SHAKEN, a US industry initiative designed to tackle the caller ID spoofing used by many scammers to hide their true identities.  North America is the region most impacted by fraudulent robocalls, set to account for over half of all losses in 2023.  The researchers noted that STIR/SHAKEN has done some good, reducing growth in robocall fraud-related losses in North America by an estimated 85% between 2022 and 2023.  The researchers are forecasting a decline in losses in the region for the first time by 2025 and urged stakeholders outside North America to adopt their own version of the framework and initiatives to stop call forwarding and other typical fraudulent call tactics.  The researchers added that brand authentication technology could play a key role over the coming years in tackling robocall fraud by enabling users to definitively verify the authenticity of a brand on their smartphone screen before picking up.

Infosecurity reports: "Scam Robocalls Forecast to Cost $58bn This Year"