The $1 trillion war against scams: a global issue, voice & SMS key
One Consortium is a not-for-profit organization specifically designed for the international communications ecosystem to join forces and cooperate with Telecommunications Regulators (NRAs) globally in order to fight unwanted/fraudulent voice calls and messages originating from abroad.
Unwanted and fraudulent communications are a global problem, and many current initiatives are focused on the national level. One Consortium, working with NRAs, aims at complementing national initiatives, by helping combat unwanted/fraudulent voice calls and messages on international connections
One Consortium is the industry component of the broader Restore Trust initiative. The Restore Trust initiative, spearheaded by i3Forum, has a second aspect : GIRAF (Global Informal Regulatory Antifraud Forum), an unprecedented initiative bringing together National Regulatory Authorities (NRAs) globally to facilitate a global, structured dialogue between industry and telecommunications regulators on restoring trust. Download the latest presentation here.
One Consortium and the Restore Trust initiative are endorsed by several major industry organizations, including i3Forum, GSMA, the Global Leaders Forum (GLF) and the Global Solutions Council (GSC), click here to read to PR.
- scams deeply impact the global economy – up to 4% of the GDP in some countries
- Scammers operate as of organized crime, acting from anywhere to anywhere, and go free. They operate globally, when we (telecom service providers, banks, law enforcement…) operate mostly locally, in multiple jurisdictions and frameworks
- beyond remarkable national initiatives and regional cooperation, the telecoms ecosystem can / must contribute to global alignment and cooperation, prevention, traceability, and information sharing – working with all other stakeholders
64% of scams involve voice calls or SMS (GASA)
Only 13% of victims get all or most of the money back(GASA)
Only 0.05% of all cybercriminals are prosecuted (WEF)
75% report same level of scams attemps or more vs 2023
50% targeted by scam attempt once a week or more frequently
What is needed from Industry and Regulators?
