Top 10 Phone Scams of 2014

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Credit Cards

Credit card scams account for 18.5 percent of all phone scams.

The number one phone scam clogging voicemail boxes across the nation has to do with companies that claim to offer victims reduced interest rates on credit card accounts. The calls often include high-pressure sales tactics, where the caller will ask the victim to pay a fee in exchange for negotiating the reduced rate. FTC investigators have found that people who pay for these services rarely get the advertised interest rate reductions and struggle to get refunds. To make matters worse, the callers may try to "confirm" personal and financial information, including existing credit card numbers, in order to "process" the rate reductions. Fraudsters can then use this information to steal a victim’s identity.

Despite data breaches like the Sony hack dominating headlines, phone fraud is still a common way that criminals are lifting personal data from consumers. Each year, thousands of consumers and businesses lose money to scams conducted over the telephone. These scams can cost victims anything from a few dollars to their life savings. Attackers use a variety of social engineering and manipulation techniques to extort money and personal information from consumers over the phone.

Pindrop Security collected and analyzed consumer phone scam complaints during the first nine months of 2014 to understand the types of scams being conducted, their frequency and timing, and the methods and motives of phone fraudsters. This information provides a unique view into the risk facing consumers.

Pindrop Security expects that the trend of online and retail data breaches will only increase the amount of information available for phone scammers to use against victims, and that the number of phone scam complaints will continue to rise.

This slideshow features the top 10 phone scams of 2014, as identified by Pindrop Security. 


Related Topics : Unisys, Stimulus Package, Security Breaches, Symantec, Electronic Surveillance

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