According to a new Juniper Research report, the cost to victims of fraudulent robocalls will increase 9% from 2022, reaching $58 billion globally this year.
Market analysts revealed the news in a new report released today. Robocall Mitigation: Strategies, Business Models and Market Forecasts 2023-2027.
Auto-dial software that delivers pre-recorded messages is widely available and used by both legitimate marketers and scammers.
The technology is used by healthcare providers, airlines and others to provide automated service updates and reminders to customers, but robocalls are often seen as a nuisance.
For more information on robocalls, see VoIP Carriers Investigated for Fraudulent Robocalls.
Juniper Research warns that scammers will continue to foil attempts to mitigate their efforts, pushing robocall fraud losses to $70 billion globally by 2027.
Efforts to combat these scams include the US industry initiative STIR/SHAKEN. It aims to tackle caller ID spoofing, which many scammers use to hide their true identity.
In fact, North America is the region most affected by fraudulent robocalls, accounting for more than half of all losses in 2023, the report claims.
However, according to Juniper, STIR/SHAKEN has had some success, reducing the rise in robocall fraud-related losses in North America by an estimated 85% between 2022 and 2023.
Analysts expect losses in the region to fall for the first time by 2025, prompting non-North American stakeholders to adopt their own versions of the framework, reducing call forwarding and other typical fraudulent calls. We are working to stop the tactic.
Branded authentication technology could play an important role in the coming years in combating robocall fraud, he added.
Meanwhile, regulators continue to crack down on abusers of robocall technology.
In December, the FCC announced a $300 million fine against one company for “egregious violations” of industry regulations.
