Global consumers found themselves bombarded with over one billion fraudulent calls in the final quarter of 2024, marking a significant surge from the previous quarter. The latest findings from Hiya’s Q4 2024 Global Call Threat Report shed light on this alarming trend, revealing that a hefty 22% of these calls were classified as nuisance calls, while 9% were deemed fraudulent. Of particular concern was the widespread use of AI-powered deepfake technology by scammers, raising fears about the effectiveness of these increasingly sophisticated fraud tactics. This comprehensive study, drawing insights from a survey of 12,000 consumers worldwide and call data from Hiya’s Voice Intelligence Network, paints a stark picture of the pervasive threat posed by fraudulent calls.
One of the most disturbing revelations from the report was the sharp uptick in deepfake calls, with 31% of Americans and 25% of Britons falling prey to these scams. Among those who were targeted, a significant percentage admitted to being duped by the fraudulent calls, with 40% of Brits and 45% of Americans confessing to falling victim to deepfake technology. Many of the affected individuals reported suffering financial losses, with 35% in the U.S. and 34% in the U.K. revealing that they had money stolen from them. Additionally, a similar proportion disclosed that their personal information had been compromised. The average financial impact of voice-based fraud was estimated to be $539 in the U.S., £595 in the U.K., and CA$1479 in Canada.
The data also highlighted stark disparities in the frequency of spam calls across different countries. For instance, Germans received an average of three spam calls per person each month, whereas individuals in Brazil and Chile were inundated with an average of 28 calls. Spain and France witnessed higher volumes of nuisance calls, with residents receiving an average of 15 calls per person in these countries. Despite the prevalence of deepfake-related fraud, the U.K. registered relatively low rates of spam calls, although the number of individuals losing money to deepfakes remained significant.
In terms of the industries targeted by deepfake calls in Q4 2024, banking and financial services topped the list at 11%, closely followed by insurance, holiday bookings, and delivery services, all at 8%. These figures underscore the shifting focus of fraudsters towards crucial sectors that impact consumers’ financial stability. A study conducted by UCL in 2023 revealed that individuals struggled to differentiate between deepfake speech and authentic human voices in 27% of cases, underscoring the mounting challenge of detecting these deceptive calls. This underscores the imperative for consumers to remain vigilant and for enhanced safeguards to be put in place to combat the escalating threat posed by AI-driven scams.
As fraudulent calls continue to proliferate and scammers deploy increasingly sophisticated tactics, it is paramount for consumers to exercise caution and adopt measures to protect themselves from falling victim to these malicious schemes. With the prevalence of deepfake technology exacerbating the prevalence of fraudulent calls, remaining vigilant and staying informed about the evolving landscape of phone scams is essential in safeguarding one’s financial and personal security in an increasingly digital age.