According to the Federal Trade Commission, of the 1.8 million fraud reports received last year that included a contact method, the phone call topped the list; this was followed by text messages.
According to the Federal Trade Commission, the phone call was the most popular contact method used to commit fraud last year. (Source: FTC Consumer Sentinel Network)
Consumers lose more money to phone scams
Phone calls also topped the list for the contact method where the most money was lost. The median amount lost by people scammed over the phone was $1,200. That was followed by text ($900), mail ($820), and email ($800). More than 600,000 people reported losing money to a phone call in 2021, losing nearly $700 million, or a median of $1,200 per person.
The phone call also topped the list for the medium amount of money lost by people who were scammed. The median amount lost was $1,200. (Source: FTC Consumer Sentinel Network)
How to prevent phone fraud
The best way to prevent phone fraud is to keep fraudsters from ever reaching consumers’ phones. That’s exactly what Hiya’s call protection service Hiya Protect does. Hiya Protect blocks fraud calls and labels nuisance calls with high accuracy, without blocking important calls. It is used by phone carriers, mobile phone manufacturers, and network providers who are looking to create a differentiated voice offering and increase customer satisfaction.
Businesses can help their customers feel safe answering the phone by adding Hiya Connect, which enables businesses to display their company name, logo, and reason for the call on the recipient’s mobile phone. Branded caller ID identifies who is calling so customers will not be afraid to answer their phones for fear of being scammed.
For more information about Hiya Protect or Hiya Connect, send us an email.