Fraudsters Set Their Sights on Financial Firms

Imposter scams and call spoofing are exploding — and they often involve the phone channel. In addition, advances in AI, deepfake technologies and large language models are making it even trickier for consumers to tell the difference between real and fake phone calls.

Today’s consumers are particularly wary when it comes to discussing their finances. Research shows they prefer to use the phone when communicating with banks, credit unions and other financial service institutions.

However, financial institutions experienced a 53% year-over-year (YoY) increase in fraudulent activity in Q4 2022, making consumers even more hesitant to answer phone calls unless they’re sure the call hasn’t been spoofed.

Consumers have had enough and are demanding more protection against unwanted calls and fraud, while businesses are struggling to protect their brands and revenue from fraudulent activity.

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Cybersecurity

Fraudsters Set Their Sights on Financial Firms

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