While concerns relating to voice commerce fraud are warranted, they are negligible at this time.
However, fraudsters are unlikely to be ignoring the growing revenue potential for this entirely new channel. An early indicator of activity in voice fraud and the collective honing of skills by fraudsters can be seen with recent increases in call center fraud.
According to recent research from Pindrop, a company specializing in voice fraud detection and management, there has been a notable increase in global fraudulent activity across call centers from 2015 to 2016.
In 2015, the likelihood of call center fraud was 1 in 2,000. In 2016, this had increased to 1 in 937. According to the research, some industries are harder hit than others — call center fraud at card issuers actually dropped slightly, but banks and retailers experienced significant increases. Banks saw a 62% increase, from 1 in 1,400 to 1 in 867.
Retailers had it even worse, with an increase of 104% in call center fraud, rocketing from 1 in 1,000 calls being fraudulent in 2015 to just 1 in 491 in 2016.