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.

Read the eBook for insights on:

• Why mobile operators can’t easily differentiate between legitimate and spoofed calls, allowing some fraudulent calls to get through

• How legitimate calls from businesses are frequently being blocked or mislabeled as spam, so consumers never even get their calls

• How Transunion® TruContact™ Spoofed Call Protection (SCP) empowers organizations to digitally ‘sign’ their calls, ensuring end-to-end call authentication to help prevent spoofed calls before they even reach the consumer