Mobile users to lose a massive 58 billion dollars in scam calls globally in 2023: Report

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With the number of online scams increasing day by day, mobile users are expected to lose a massive 58 billion dollars to fraudulent scam calls globally this year, according to a new report.

The loss due to fraudulent robocalls is a rise from 53 billion dollars that mobile subscribers faced last year, according to Juniper Research.

These losses will be driven by the increase in multifarious scam calls to deceive end users, such as unauthorised call forwarding or caller ID spoofing, with the end goal of financial gain.

Despite the ongoing development of robocalling mitigation tools, the report predicted that fraudsters'ability to innovate fraud methods will drive these losses to reach 70 billion dollars globally by 2027.

North America continues to be the most impacted region by fraudulent robocalls, as its affluent nature provides larger monetary opportunities for fraudsters and will account for over half of the losses attributable to robocalling in 2023.

However, the report estimates that STIR/SHAKEN framework has reduced the year-on-year growth of fraudulent losses to robocalling.

By 2025, fraudulent losses arising from robocalling are anticipated to decline for the first time in North America, owing to the widespread adoption of this framework, said the report.

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