In 2024, the telecommunications industry is grappling with an alarming $73 billion in fraudulent losses due to robocalling, according to Juniper Research's Robocall Mitigation & Branded Calling Report. The staggering figure highlights the pervasive and escalating threat of robocall fraud, a significant challenge that threatens the financial stability and operational integrity of service providers worldwide.
Robocalling fraud has become a major concern for telecommunications companies, impacting their bottom line through increased operational costs, regulatory fines, and loss of customer trust. The financial burden of these fraudulent activities not only affects profitability but also undermines the quality of service and the reliability of communication networks. Customers are increasingly wary of answering calls from unknown numbers, leading to diminished trust and higher churn rates.
The scale of the problem demands immediate and effective action to mitigate losses and protect both service providers and their customers from the disruptive and costly effects of robocalling fraud.
In this article, we will look into:
Robocalls and scam calls have reached unprecedented levels, inundating the telecommunications industry with billions of fraudulent interactions. Several factors contribute to this exponential rise, including technological advancements, regulatory loopholes, and the lucrative nature of these scams.
The surge in robocalls and scam calls can be attributed to the low cost and minimal effort required to run these schemes on a large scale. Fraudsters exploit automated systems to make millions of calls quickly and affordably. Advances in networking frameworks like VoIP (Voice over Internet Protocol) further lower costs and expand the reach of these operations. For scammers, this means high returns with relatively small investments.
Spoofing technology plays a crucial role, allowing scammers to manipulate caller IDs to appear familiar or local. This tactic significantly increases the likelihood of the call being answered, as people are more inclined to pick up calls from recognizable or local numbers. Spoofing also helps international fraudsters hide their true location, complicating efforts to track and shut them down.
Robocalling scams are a global issue, with criminal organizations often operating from regions with lax anti-fraud regulations. This cross-border nature makes it challenging for telecom companies and regulatory bodies to coordinate responses. Scammers continuously adapt their tactics, including advanced social engineering in scams like "vishing" (voice phishing), which makes distinguishing between legitimate and fraudulent calls increasingly difficult.
The rapid advancement of communication technologies also provides new opportunities for fraud. AI and machine learning, while used to fight fraud, are now being exploited by scammers. Voice synthesis technology allows them to mimic trusted voices, such as those of executives or family members, making scams more convincing and harder to detect.
A robocall is an automated phone call that uses pre-recorded messages instead of a live person. These calls are often generated by computer systems to deliver a variety of messages, ranging from marketing pitches to fraudulent schemes. While some robocalls are legitimate, many are designed to deceive and scam recipients.
Spotting a fraudulent robocall or scam call requires vigilance and an understanding of the tactics scammers commonly use. From phishing schemes and spoofed caller IDs to promises of unrealistic rewards and high-pressure tactics, scammers employ various methods to deceive and steal from unsuspecting victims.
Fraudulent robocalls and scam calls often share common red flags, such as unsolicited requests for personal information, pressure for untraceable payments, and creating a sense of urgency to force quick decisions. These tactics are designed to catch you off guard. Scammers often impersonate trusted institutions or use spoofed numbers to appear legitimate.
Protecting your business and your customers from scam calls, texts, and spam or robocalls is crucial, as these unwanted communications can result in significant financial and emotional harm to the victims.
Neural Technologies’ SCAMBlock solution provides multi-layered analytics-based detection with network-embedded real-time call blocking utilizing machine learning technology to effectively handle large volumes of robocalls, scam likely, Wangiri fraud and spoof calls.
Our solution can differentiate between legitimate and fraudulent calls by analyzing various features, such as call patterns, frequency, and caller ID spoofing techniques. It leverages advanced machine learning algorithms to continuously learn from new data and adapt to evolving scam strategies, offering dynamic protection against emerging voice threats.
Understanding the importance of staying ahead of evolving voice threat techniques and the importance of granting users the ability to manage their call interactions, while SCAMBlock solution provides effective real-time blocking of voice threats such as robocalls, scam likely, Wangiri fraud and spoof calls, it also offers real-time voice warning to alert mobile users on high-risk inbound international calls and empowers them to have control in managing the unwanted calls.
Here’s how our SCAMBlock can help:
Real-time Data-Driven Decisions and Active Blocking at Network Level: Our solution delivers in-call setup analysis enabling real-time decisions and automated active blocking of potential scam calls and robocalls through the telecom network-based components.
Powered with Machine Learning Technology: Use machine learning algorithms to analyze patterns, identify suspicious call behaviors and continuously learn from new data to identify and block robocalls and spoofed numbers, providing dynamically updated defenses to stay ahead of evolving threats.
Interactive Voice Announcement Alert: The Voice Announcement Functionality feature incorporates advanced real-time voice warning messages to alert mobile users about potential spam or fraudulent calls from outside the country and they have the option to decide whether to answer the call. This enables subscribers to make informed decisions before answering the call.
Personalized Call Filter: Users can customize and manage their own “Personal blocklist or Personal allowlist” to manage their incoming phone calls from specific countries directly, blocking and preventing unwanted callers from reaching them in the future. This empowers mobile users to take control and personalize their international call block or /allow list.
Dashboard Monitoring and Reporting: A real-time dashboard that offers up-to-date insights into scam call blocking and management, allowing telecommunications companies to monitor and refine their anti-scam strategies.