Phone Fraud Costs $0.57 per Call

According to a new report from Pindrop Security, the volume of consumer complaints about phone fraud in the first six months of 2013 has already equaled the volume for all of 2012.

According to the report, there were 2.3 million consumer complaints of phone fraud in the first half of 2013, which is the same figure for all of 2012. Pindrop estimates that for every call that a financial call center takes, there is a 57-cent loss due to some form of fraud. Going a step further, when fraud does occur in a customer account, the average potential loss from phone fraud per financial account was $42,546, according to Pindrop’s estimates.

Matt Anthony, VP of Marketing at Pindrop Security, explained to eWEEK that the reason why the average potential loss is so high is because the current tactic for phone fraudsters is to clean out an account once they take it over.

Read the full story at eWEEK:
Phone Fraud on the Rise: Report

Sean Michael Kerner is a senior editor at Follow him on Twitter @TechJournalist.

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