How to Tackle Messaging Fraud? The MEF Fraud Report InvestigatesA 'phishing' message is an SMS from someone pretending to be someone else, asking you for personal information or money. This is just one of numerous methods used by fraudsters in the cloud communications space.
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Cost to the EcosystemMEF estimates that fraud is costing the ecosystem at least $2 billion a year. Its industry working group identified 11 distinct fraud types and set up the Future of Messaging Programme to raise awareness and take action against all fraud types including the use of grey routes and SIM farms.
Industry Action is RequiredThis study reveals that 28% of SMS users receive an unsolicited text message every day, 58% receive at least one a week, and only 16% can say that they have never received one. This highlights the need for providers to innovate and tackle fraud early and often.
Most Prevalent in Emerging MarketsThe problem of fraud is at its worst in countries such as Brazil, China, South Africa and Nigeria. While 31% of Germans have never received a phishing message, only 6% of Nigerians can say something similar.
Fraud Affects Consumer TrustMobile messaging fraud isn't 'terminal' yet. In fact, this study found that people still trust SMS more than chat apps, even though fraud is higher with the former. But, the industry must be vigilant and ensure this trust remains.