In the News
Annual reports on spam calls find interesting data. In Spam calls grew 300 percent worldwide in 2018, according to Truecaller, Shanno Liao at The Verge discusses a recent report which found that although global spam phone calls increased in frequency (at least for Truecaller’s customers), they decreased slightly within the US. Liao explains that monthly spam calls in the US which typically involves related financial matters decreased from 21 to 17.
Our Take
Despite the decrease within the US, the overall frequency of spam phone calls and the potential harm that they can cause to your finances highlights the importance of being cautious when providing information not only into online accounts but also through phone conversations. These types of calls prey on the consumer by prompting urgent responses to startling financial information. It is vital to prevent yourself from falling prey to the shock or surprise of these calls and first think whether the information provided makes sense. Additionally, providing even non-sensitive information like your name, email, or phone number could potentially be used against you in future attacks to steal more personal information. While it is positive that these calls are decreasing in frequency in the US, their rapid increase globally, as well as the still large monthly quantity users in the US face, is cause for alarm. Such calls place consumers in potential danger, and the need to prevent these calls from reaching consumers in the first place should be a top priority. Whether through legal action, personal measures were taken by consumers or new technologies, the future of reducing spam calls is a painful reality, but a necessary one.
Recommendations
How can you protect yourself from spam calls and emails?
- Understand the risks of putting your personal information into the world, and only share what you have to, especially when making purchases online
- Refrain from providing financial information over the phone
- Stay up to date on recent spam and fraud attempts
- Track your finances closely to spot suspicious activity before it becomes harmful