U.S. Citizens Lost $39.5 Billion to Phone Frauds Alone Over the Past Year

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A recent study estimates that scams have increased threefold in the US in the last 12 months resulting in the loss of $39.5 billion, which is the highest number registered since Truecaller, Swedish caller identification and spam blocking app, began researching scam and spam calls in the U.S. eight years ago. 

According to the report, which was undertaken in partnership with The Harris Poll in March 2022, 33% of US citizens reported having fallen victim to phone scams, and 20% on more than one occasion. 55.6% of those who fell victim to a phone scam were men, compared to only 42.2% of those who were women. 

Furthermore, men aged 65 and above, and Hispanics were more likely to fall for scams and phone frauds than those aged below or belonging to any other ethnicity. Nearly, 74% of Hispanic people were targeted and lost money in the last 12 months when compared to Black or White adult individuals.

Approximately 63% of Americans feel like they may miss legitimate calls due to the fear of spam calls. To protect themselves, 43% of people reported they downloaded a spam blocker and/or caller ID.

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