Scam phone calls continue to be a scourge for customers of communication service providers (CSPs) around the world. This threat is amplified during the holiday season, with many markets facing a surge in holiday scams and calls during this time.
More than half of mobile phone customers believe they receive more scam calls over the holiday period according to a study undertaken in the United States. Similar warnings from major markets such as the UK and Europe demonstrate this holiday season scam-demic is a challenge faced across the globe.
In our blog on The Curse of Robocalls Around the World we looked at the eye-watering statistics around fraud and scam calls, with more than 85 billion robocalls made annually. These automated calls often use scam phone numbers to trick customers into receiving calls, putting customers at risk and damaging the reputation of CSPs seeking to keep customers safe.
Automated robocalls are just one example of an evolving fraud landscape for scam calls, and one which we explored in more detail in our blog 5 Scam Call Types Customers Should Be Aware Of. Research by the Risk and Assurance Group (RAG) reveals that fraud costs customers of CSPs an estimated USD48bil annually. Cutting off the threat of scam calls can go a long way to addressing that risk.
How to stop scam calls with Neural Technologies
We know from both our own discussions with partners and the wider industry landscape that how to stop scam calls is a major driver of many CSPs. That’s why in 2021 we were proud to partner with a leading Asian CSP to provide our own advanced Scam Call Mitigation solution.
This advanced scam call solution reduces the risk to customers and CSPs, cutting off scam calls at the source. Acting to prevent scam calls before they reach customers is vital, as we revealed in our article on how The Cost of Scam Calls is Personal.
Being a victim of fraud doesn’t just impact your financial well-being, it can have a real impact on mental health. A recent report by UK consumer group Which? revealed that the cost to scam victims’ wellbeing from fraud could be financially valued at GBP9.3bil per year, showing the lasting impacts of fraud.
This emotional challenge is just one reason why The Cost of Fraud is Bigger Than You Think. Fraud victims often feel embarrassed about their actions, with suggestions from the UK that just one in five fraud cases are ultimately reported, findings echoed in a US study that shows just 15% of people report being a victim of a scam. This highlights the importance for CSPs working to introduce measures that reduce customers’ exposure to scam calls and fraud.
Neural Technologies’ Scam Call Mitigation technology is an important step in A History of Spam and Call Protection for CSPs. It offers an advanced solution which can help prevent fraud and scam calls, reducing revenue and reputational damage for CSPs while ultimately protecting customers.
2021 was a year where tackling scam calls was a major focus at Neural Technologies. Our commitment to reduce revenue leakage and eliminate fraud and customer vulnerability to scams will continue in the year ahead, as we partner with CSPs around the globe to deliver machine learning and artificial intelligence solutions that cut fraud off at the source.