Over half of all Americans encounter a scam every day. Better Business Bureau (BBB) data shows Scam Tracker reports increasing each year. Over $68 billion was lost to financial fraud last year, and over 98% of Americans said scams pose a threat to national security.
With the nearly unanimous disdain for scams across North America, many ask: Why can’t scams be stopped? And why do scams seem to be getting worse?
In BBB’s newest study, we used an artificial intelligence model to analyze over 433,000 BBB Scam Tracker reports from the last few years.
We found patterns in the methods and tools scammers are using to steal from consumers:
- Scam texts and calls have quickly become the top method for scam outreach.
- Scammers use legitimate services like Voice Over Internet Protocol (VoIP) phone numbers, robocallers, website templates, artificial intelligence and social media to carry out illegal scams.
- Platforms struggle to remove scammers fast enough to stop the issue.
Because scammers’ tactics change and evolve so quickly, it can be hard for consumers and companies alike to keep up. It can be frustrating to constantly fend off spam calls and texts, but there are ways you can protect yourself from scams.
How can I protect myself from scam calls and texts?
- Let unknown calls go to voicemail. If the call is important, the person will leave a message.
- New numbers don’t mean new scams. Scammers can change their phone number on the fly and will often do so as a part of the same scam.
- Turn on your phone’s spam filter. It’s not perfect, but filters can help prevent a large amount of scam calls from ever reaching your phone.
- Read more from BBB. Scams come in various forms. BBB.org/scamstudies can prepare you for any fraud you might encounter.
