The highlights of the findings are as follows. Phone fraud is a multimillion-dollar industry. It’s led by well-organised and highly professional “attackers”, who are growing in number all the time. Whereas, during the whole of last year, Pindrop counted 2.4-million consumer complaints of phone fraud attempts, the company detected 2.3-million similar complaints in just six months this year. During many of these scams — more than 73,000, in fact — fraudsters claimed to represent one of the country’s top 10 financial institutions.
But, while the study confirmed individuals are increasingly falling victim to growing incidents of phone fraud, Pindrop found that call centres at financial institutions are considered the richest picking grounds by phone fraudsters. According to the study, one in every 2,500 calls made to a financial institution’s call centre is fraudulent.