According to a recent UK Finance report, British banking customers lost £500m to fraudulent schemes in the first half of 2018 alone, the majority of which came from “unauthorised fraud” (i.e., hacking of user accounts.) During these six months, there were 3,866 confirmed cases of vishing (“authorised fraud” or “impersonation”) in the UK, with the scams leading to £36.6M in losses, for an average loss in excess of £9,000 per person.
The problem is most acute in the UK but is not limited to that country. These types of scams are on the rise everywhere. The European Commission has revealed that it is looking into ways to address this vexing challenge. In the U.S., the Federal Trade Commission has reported that 77% of its fraud complaints involve contacts by telephone, of which vishing is a subset. Most recently, the Australian Taxation Office has issued a warning on the rise of this threat.