Financial Planning How Robocalls Work: The Emerging Tech You Need to Know About to Protect Your Finances Read the Article Open Share Drawer Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)Click to share on Tumblr (Opens in new window)Click to share on Pinterest (Opens in new window)Click to share on LinkedIn (Opens in new window) Written by Mint Published May 15, 2020 - [Updated Jul 28, 2022] 2 min read Advertising Disclosure The views expressed on this blog are those of the bloggers, and not necessarily those of Intuit. Third-party blogger may have received compensation for their time and services. Click here to read full disclosure on third-party bloggers. This blog does not provide legal, financial, accounting or tax advice. The content on this blog is "as is" and carries no warranties. Intuit does not warrant or guarantee the accuracy, reliability, and completeness of the content on this blog. After 20 days, comments are closed on posts. Intuit may, but has no obligation to, monitor comments. Comments that include profanity or abusive language will not be posted. Click here to read full Terms of Service. We’ve all received a call from an unknown number with a prerecorded voice on the other end. This is what’s known as a robocall. Often, the aim of a robocall is to convince you to send money or personal information. As you’ve likely noticed, they’ve become much more prevalent in recent years as internet phone technologies have advanced. Spammers can now make hundreds of calls at once, with relatively little effort or expense. The number of robocalls increased a shocking 22 percent in 2019, peaking at 58.5 billion. This year, many new scams around COVID-19 have arisen, which could put already vulnerable people at risk of losing money. The FCC reports that there may be more robocalls than real callers, despite the fact that a robocall trying to sell you something is illegal unless a company already has permission to contact you. Unfortunately, robocalls are so prevalent because they work. They scam one in 10 people each year, resulting in a loss of $9.5 billion. Though we typically think of older Americans being the most susceptible to caller fraud, one report found that millennial men were the most likely to lose money in a robocall scam. People are understandably tired of answering fake call after fake call from people attempting to steal their money or identity. As Americans get smarter about phone scams, so do the scams themselves. Now, spam calls could get even more effective as emerging tech like deepfake voice makes it hard to distinguish between real people you know and a scam. Thankfully with a few precautions, you can protect your finances and your identity from even the smartest of robocall scams. Learn more about how robocalls work to safeguard your money and personal information. Sources: TheVerge | FCC 1, 2 | FTC | Each&Everything | Forbes | TechRepublic | SecurityMagazine | Nextiva | HowStuffWorks | MentalFloss | Cnet Previous Post Qué hacen las instituciones financieras para ayudar a sus clientes Next Post Cómo administrar tu crédito durante el coronavirus Written by Mint Mint is passionate about helping you to achieve financial goals through education and with powerful tools, personalized insights, and much more. More from Mint Browse Related Articles Mint App News Intuit Credit Karma welcomes all Minters! Retirement 101 5 Things the SECURE 2.0 Act changes about retirement Home Buying 101 What Are Homeowners Association (HOA) Fees and What Do … Financial Planning What Are Tax Deductions and Credits? 20 Ways To Save on… Financial Planning What Is Income Tax and How Is It Calculated? Investing 101 The 15 Best Investments for 2023 Investing 101 How To Buy Stocks: A Beginner’s Guide Investing 101 What Is Real Estate Wholesaling? Life What Is A Brushing Scam? Financial Planning WTFinance: Annuities vs Life Insurance