This report aims to raise awareness of the types of online fraud and the financial and emotional distress it causes. It also highlights some of the collaborative work already done to fight fraud and scams.
The global financial cost of cybercrime, including fraud and scams, is projected to be USD 15.63 trillion by 2029. In addition to this significant financial loss, fraud and scams also cause considerable emotional distress and the erosion of trust in digital services. Despite efforts by the industry to prevent fraud, criminals have found a way to bypass technical defences through ‘social engineering’ fraud. Social engineering involves manipulating individuals to make a financial transaction or share personal information.
To address the issue, mobile operators invest significant resources in identifying, filtering, and blocking fraudulent traffic on their networks. However, the mobile industry cannot solve the issue alone. This means that a comprehensive and multi-stakeholder effort is needed, with social media platforms, financial institutions, and consumer organisations all playing a part alongside support from governments and regulators.
