Robo Nation: The Threat of Communication-Based Fraud

As robocall threats surge and criminals increasingly rely on a variety of SMS scams, SIM swaps, and email account takeovers to succeed, there are holes at the enterprise level that need to be addressed. There is a pressing need for financial institutions to aid consumers in detecting and preventing this pervasive threat. Communication-based fraud is more than just a simple annoyance for consumers. Robocalls, scam texts, and malicious emails have proven to be serious threats in protecting against identity fraud. Financial institutions and consumers alike need to be invested in thwarting these kinds of fraud attacks. 

This report examines how consumers are targeted by criminals across communication methods and offers recommendations for increasing the security layer to help detect and prevent this growing, non-traditional fraud threat.

Key questions discussed in this report:

• What communication-based fraud threats should be of immediate concern to consumers and financial institutions?
• How can financial institutions protect consumers from communication-based fraud?
• How can consumers protect themselves?

Companies Mentioned:

AT&T, Consumer Financial Protection Bureau, Federal Bureau of Investigation Internet Crime Complaint Center, Federal Communications Commission, Federal Trade Commission, US Cellular, Verizon