Phone Scammers Steal Billions Using IRSF Scheme
The Communications Fraud Control Association recently released statistics which shows that phone scammers have been able to cause telcos and their consumers losses totalling to around the $38.1 billion mark.
The CFCA said that one scheme, known as International Revenue Share Fraud (IRSF), had been particularly lucrative. IRSF focuses on premium phone numbers which support automatic phone-based purchases.
Via IRSF, the scammers redirect large quantities of telephony traffic to premium numbers in a number of ways, such as malware, hijacking SIM cards, hacking company networks, and callback spam.