Additional industry stats include:

Bank fraud is a lucrative business. From 2016 to 2017, the fraud rate in the phone channel increased by 20%, and by 269% from 2014 to 2017.
Card issuers saw a smaller but still steady increase in fraud rates of 14% from 2016 to 2017 and just 24% since 2014. Fraudsters attacking card issuers tend to use an even mix of cell phone and VoIP to make those calls.
Insurance fraud is more complex and ultimately costlier than banking fraud. It generally requires more calls and takes more time, but the payout can be greater. Fraudsters are willing to invest more time, because of the potential gains from personal pension plans, 401k and life insurance policies. Insurance companies have seen a 248% increase in fraud since 2015.
Brokerages saw a slower increase of fraud, of just 4.5% between 2016 and 2017, but there has been a steady increase of 78% over four years, indicating brokerages are still a profitable target for fraudsters.
The retail industry continues with the highest rates of fraud overall, and further experiencing a 15% increase in the voice fraud rate from 2016 to 2017. Since 2014, the retail industry fraud rate increased 134%, as more sales take place online, over the phone and through omnichannel processes.

The report noted despite yearly upsurges, the fraud threat is unlikely to discourage businesses from integrating voice technology. According to a survey of business and technology leaders, 88% believe that voice technology will give them a competitive advantage in improving their customer experience. Twenty-eight percent of those surveyed have already implemented voice technology to improve customer experience, with 57% more planning to deploy in the next year. As voice technology continues to advance and become a part of daily interactions, business leaders will need to explore how they're keeping customers and their data safe.

Instant Insights /

Overall Voice Fraud Rate Climbs More Than 350%, Banking Second Highest

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