Trust is the foundation of communications but it’s hard to come by due to the relentless global scourge of illegal robocalls, spam text and fraud, which costs service providers $29 billion in lost revenues each year.fight robocalls
And since fraudulent robocalls are expected to cost consumers $40 billion in 2022, it’s not surprising that they won’t answer calls or texts from phone numbers they don’t recognize. This makes it difficult, expensive and sometimes impossible for hospitals, schools and other legitimate organizations to reach consumers.
With companies anticipated to spend $2.8 trillion on digital transformation globally by 2025, regulators, service providers and an ecosystem of vendors are working diligently to help legitimate businesses be known to consumers. They understand that if consumers can’t trust the caller ID – or that the calling party isn’t who they say they are – it is bad for business, innovation and national growth.
Rebuilding consumer trust in voice calls and text messages fight robocalls
“Digital transformation is changing the way we connect and communicate with each other – from how we work and purchase goods, to how businesses communicate with customers and countries make policy decisions,” said Peter Ford, Executive Vice President, iconectiv. “The industry is working together to make this digital shift effective by diligently working toward rebuilding trust in voice and text communications channels so that legitimate businesses get their calls answered and consumers are once again confident to pick up their phone calls and respond to text messages.”
At MWC Barcelona 2022, iconectiv will showcase the many ways service providers, regulators, trade associations and other industry stakeholders are successfully rebuilding consumer trust in voice calls and text messages, for example:
- The U.S. is the first country to implement the Secure Telephone Identity Revisited/Signature-based Handling of Asserted information using toKENs (STIR/SHAKEN) framework, which enables service providers to cryptographically sign and verify calling numbers. This helps increase call-answer rates because service providers can give their customers verified Caller ID information. Three months after STIR/SHAKEN was implemented, illegal robocalls already decreased by 29%. The U.K. is among several other countries considering adopting a similar model.
- TruNumber Protect enables service providers to block many types of fraud and suspicious activity by providing a comprehensive database of high-risk and unallocated number ranges. By providing intelligence about telephone numbers worldwide, TruNumber Protect reliably cuts down on many of the top fraud types including Wangari scams, illegal robocalls, smishing and other fraudulent international calls terminating in the U.S.
- 83% of service providers consider having access to the right information at the right time critical to their business. TruOps Common Language ensures that their physical and virtual infrastructure can support all of the new 5G services at scale, as well as the 94 million connections between physical and virtual assets made by Common Language daily.