Fraudulent calls are on the rise, posing severe threats to businesses and consumers. The negative impacts of caller fraud is wide ranging – causing financial losses, reputational damage, and loss of customer trust. For business owners or managers, it is essential to take proactive measures to protect your company from fraudulent calls.
Here, we’re exploring the growing issue of caller fraud in the UK, its impact on businesses, and effective solutions to combat this threat.
The Growing Issue of Caller Fraud in the UK
Caller fraud has become a significant concern in recent times, especially in the UK. The amount of fraud committed in the UK more than doubled to £2.3bn in 2023, marking the second-biggest year for scams in the last two decades (The Guardian).
The Various Types of Caller Fraud
- Spoofing: Fraudsters use technology to alter the caller ID, making it appear as though the call is from a legitimate source, such as a bank or government agency.
- Phishing Calls: Scammers impersonate trusted entities to extract sensitive personal information from the victim, such as payment details or passwords, often using high-pressure tactics.
- Tech Support Scams: Callers pose as tech support representatives, claiming that a computer issue needs immediate attention, and then ask for payment to fix a non-existent problem.
- Charity Scams: Fraudsters capitalise on people’s goodwill by soliciting donations for fake charities, especially following natural disasters or significant events.
The Devastating Impact of Caller Fraud on Businesses
Businesses face multiple challenges due to caller fraud, which can lead to severe consequences:
Reputational Damage: Fraudulent calls can tarnish your brand’s reputation, making customers wary of engaging with your business.
Disruption to Operations: Call centres and customer service departments can experience significant disruptions, affecting productivity and efficiency.
Compromise Customer or Business Data: Sensitive customer or business data can be compromised, leading to data breaches and loss of trust.
Fines or Financial Loss: Businesses may face hefty penalties and financial losses due to fraudulent activities.
The Solution: Robust Caller Fraud Solutions
To effectively combat caller fraud, businesses need robust caller fraud solutions that act as a firewall to detect and prevent fraudulent phone activity. These solutions analyse comprehensive meta-data to identify fraud through various indicators:
Location: Identifies suspicious or unexpected call origins.
Number Presentation: Analyses the legitimacy of the number displayed.
Call Source: Determines if the call source matches known fraud patterns.
Call Volume: Monitors unusual spikes in call volume that may indicate fraudulent activity.
Invosys Call Shield Combats Caller Fraud in Business
Invosys offers a cutting-edge solution to combat call scams through its Call Shield product. Leveraging AI and machine learning, Call Shield utilises historical data from past calls to generate algorithms that identify fraudulent patterns. Invosys’s solutions work for various types of phone scams, including spoofing, phishing calls, tech support scams, charity scams, and others.
Invosys boasts an extensive database containing known fraud numbers, which is made possible through exclusive industry partnerships. This database is updated in real-time, ensuring comprehensive protection against fraudulent calls.
Fraudulent calls detected by Call Shield can be routed to an agent, flagged, or dropped based on predefined workflows tailored to your business processes. By constantly feeding the fraud product with vast call information, Invosys applies machine learning to billions of data points, enabling near real-time analysis.
Detect & Prevent Call Fraud with Invosys
Combating caller fraud is crucial for maintaining a business’s reputation and customer trust. By implementing robust caller fraud solutions, businesses can remain secure and resilient against the growing threat of fraudulent calls.
Book a demo with Invosys today to learn more about how our Call Shield solution can safeguard your operations and maintain trust with your customers.
