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Follow on Google News | tellows Investigates the Big Bank Phone Scams in the United StatesBy: tellows UG Conversely, a significant 70% of these calls are perceived as negative experiences. Challenges often stem from the incentive structure within the banking sector, where representatives are driven by commissions. Insufficient training compounds these issues, leading to a lack of understanding about the products they offer. In some instances, cold calling transforms the objective into making a sale, overshadowing the customer's needs. Tactics Employed by Scammers: A Closer Look Fraudsters utilize various tactics in banking phone scams, exploiting trust and leveraging technology:
The Financial Landscape: A Sobering Reality In 2021, the Consumer Financial Protection Bureau reported nearly 70,000 complaints lodged with the Federal Trade Commission, revealing losses totaling $130 million from consumers who unwittingly sent money to fraudsters through payment apps. The Bureau actively addresses payment fraud and encourages consumers to submit complaints at Consumer Finance (https://www.consumerfinance.gov/ Sophisticated Phishing Attempts: A Growing Concern A concerning trend involves rising instances of sophisticated phishing attempts targeting consumers, coercing them into utilizing person-to-person payment apps such as Cash App, PayPal, Venmo, and Zelle to transfer funds to malicious actors. Alarming Statistics: tellows Data Reveals the Gravity of the Issue
Empowering Consumers with tellows Insights tellows, a trusted consumer protection platform, provides solutions to identify unknown calls. The tellows app for caller ID and blocking is available for Android and iOS. With a database containing 1.9 million telephone number ratings, tellows serves over 9 million monthly users in more than 50 countries. Explore more about tellows at www.tellows.com. Find the detailed study here: tellows Investigates the Big Bank Phone Scams in the (https://www.tellows.com/ Note to Editors: For additional insights and data, please contact the tellows editorial team. End
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