Customers lost money due to fraudulent calls in 2020

Customers lost money due to fraudulent calls in 2020

Since the time pandemic has hit, there is increased reliability on phone and
voice calls. Hiya report states that during the last year voice traffic went up
by 184% compared to 2019. An increase in the use of voice calls has given
the cybercriminals another domain for the attack.

Spam Calls:

Scammers and cybercriminals are stealing money, confidential information
by making fraudulent calls. Around 2000 consumers and more than 300
business professionals were surveyed. 75% of them were victims of
scammers during the last 12 months. 50 billion fraudulent calls to
Americans, 157 billion to North Americans and Europe – of these 58% of
calls were fraudulent.
These calls were annoying and confusing. Also, these calls caused
economic losses. 40% of calls that were answered, the respondents lost
money. Approximately $182 per person was lost in 2020. More than 7%
report losing around $500 to spam calls during the last 12 months.

Reason for voice call’s growing popularity

This pandemic is one of the greatest reasons. As people cannot meet and
organize physical meetings. Voice calls are the only way out. Also, the
survey indicates people are finding it convenient. Business’s reputation is
at stake due to these fraudulent calls. As business organizations are

completely dependent on calls to build a relationship with their customer,
address their problems and complaints.
The consumer survey clearly showed the preference for voice calls over
any other means of communication. Both for professional and personal
interactions, beating text, email, video calls, and instant messaging.
Survey result indicates important business calls are missed regular;y by
44% Americans. The main reason behind this is that the calls remain
unidentified. 94% of anonymous calls remained unanswered the previous
year. 85%of people were of opinion that they leave the anonymous calls
unanswered fearing fraud.
This is hampering the businesses. They are unable to connect to the
consumers. Around 50% of business professionals complain that their
business is impacted negatively. The sales sector is the worst affected.

What can be the alternative?

The survey report from America reports that 48% of people want the
regulators to take action against this matter. They want this issue of fraud
and spam calls to end. Around 42% of them suggest wireless carriers can
be life-saving. Whereas, 37% of users urge businesses to address this
problem. These businesses are the ones that have been exploited by
scammers the most.
Hiya CEO Alex Algard said: “The unprecedented events of the past 12
months mean the voice call has become an even more essential
connection point for both businesses and the general public. Businesses
are using the voice call more than ever to reach customers and people are
picking up the phone to connect with friends, family, and colleagues.”

He further said: “At the same time, this crucial communication channel is
being hijacked by hackers and scammers, exploiting our need to feel
connected and informed. Everyone is negatively impacted by this surge of
scam calls and it is time for wireless carriers, regulators, and businesses to
tackle this issue before it escalates further.”

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