Phone Scammers Steal Billions Using IRSF Scheme
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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.
Source: ZDNet