top of page

UNDERSTANDING MOBILE FRAUD IMPACTS



MOBILE FRAUD

As mobile phone technology continues to evolve at breakneck speed, so do the efforts of cyber criminals intent on compromising mobile phone networks and scamming mobile phone users. Mobile phone fraud can have a significant impact on victims that can cost anywhere in the range of a small sum of money to their entire life savings. Mobile phone fraud, also known as cellular fraud, is defined as the tampering, unauthorized use and manipulation of a cellular service or phone. The two most common types of fraud are subscriber fraud and mobile phone cloning. Both are illegal under the Wireless Telephone Protection Act.


HOW IS MOBILE FRAUD IMPACTING THE INDUSTRY?

Millions of dollars are lost each year due to mobile phone fraud. No matter how Americans attempt to protect their privacy, it seems almost impossible to keep up with new security attacks and threats. Our mobile phones offer the perfect window to our personal information. In fact, you could say that your mobile phone number is now as valuable to fraudsters as your social security number.


MOBILE FRAUD RISKS

With all of the responsibilities that come with owning and operating a successful manufacturing business, fraud detection and prevention may not make the list of high level priorities. Business owners may not even acknowledge the potential threat of fraud, especially when key positions are filled with long-time, trusted employees. Yet survey data tells us that persons with a deep knowledge of the business, a high level of responsibility, and the ability to operate with limited supervision are precisely the ones who are most susceptible to criminal activity.

Mobile fraud impacts customers and financial institutions. Existing customers who fall victim to fraud are more likely to leave their financial institution and potential customers may be wary to sign up with a bank that’s considered to be lax with fraud prevention and fraud solutions as the fraud ecosystem continues to evolve.



5 views0 comments

Recent Posts

See All

Comments


bottom of page