Fraud is of major concern across all the sectors of the mobile industry. Based on a recent report from BI Intelligence, mobile app marketers lost over $100 million in 2016 because of the fraud associated with app install and engagement. What is more, it’s expected $250 million is going to be lost without being verified as a fraud. So the total potential revenue loss will make up $350 million.
It’s important to note that fraudsters are more and more often turning to more advanced and sophisticated methods of targeting mobile app marketers. According to BI Intelligence, app-install ads made up 25% of overall US mobile ad revenue in 2015. The revenue generated by app-install ads is estimated to account for more than $7 million in the US by the end of the year 2020. So, mobile app marketers should take all the necessary measures to fight fraud and protect their business.
Types of Mobile Fraud and How to Protect Your Sensitive Data
The risks associated with mobile fraud are similar to other types of online fraud. Fraudsters aim at obtaining information with the application of various methods on smartphones, tablets, and other mobile devices. The purpose is to get access to your personal and account information.
Below you can read several types of mobile phone fraud.
- Fraudulent Link Sent to Your Mobile Ap
You may get a link sent from a fraudster to your messaging app. If you open the link, you’ll get charged a high rate. So never open such links.
- Missed Calls
Your mobile device registers a missed call, and the number is unknown to you. You call it back, and most of the time you get redirected to a premium rate service, for which you can pay up to £15 per call. Don’t call back the number.
- Phone Insurance
If you have a new mobile device, you may get a call from a fraudster offering you phone insurance. By agreeing to buy this insurance, you may end up either with low-quality phone insurance or with nothing at all. Avoid obtaining phone insurance this way.
- Recorded Messages
When you’re asked to call back a number, the latter may be a recorded message. The message tells you you’ve won a prize and gives you another number to call to get your “prize.” This 2nd number can be a premium rate service too. Moreover, your “prize’ may be just a fraudulent ringtone subscription. Don’t call back the number.
- Ringtones
You may get an offer of a free or low-cost ringtone. Accepting the offer means you’re subscribing to a service from which you’ll get ringtones and be charged a premium rate for them. Don’t accept such ringtone offers.
- Text Messages
You get a text message from an unknown number as if it’s sent from a friend. You call back to tell them you’re not the person they’re looking for. This call may again be a premium rate service. In another case, you may send a text message, which may cost you a high rate. Be aware you may be charged a high rate for received text messages as well. Don’t call back such numbers or send a text message to them.
Online fraud, particularly mobile app phone is on the rise. Nowadays, it’s critical to be able to protect your personal information. For this, it’s important to know what types of mobile phone fraud exist and what you should do avoid them.
Have you ever been attacked by a mobile phone fraudster? Feel free to share your own experience in the comments below.
