Over 59 million Americans said they lost money as a result of phone scams in approximately the past 12 months, with an average reported loss of $502, according to the Truecaller Insights US Spam & Scam Report. "Fraud is a major consideration in the telecom industry," said Dr. Gadi Solotorevsky, CTO at Amdocs cVidya, an AI solutions provider. "Today, close to 2% or over $1.5 trillion in yearly global revenue is lost annually due to fraudulent behavior. The total losses across the industry are staggering." Solotorevsky cited a 2019 survey from the Communications Fraud Control Association (CFCA) that found that two-thirds of respondents experienced an increase in fraudulent activities. "We mostly encounter payment and subscription fraud, identify theft/impersonation, account takeover, insider threats, and SIM swap," Solotorevsky said.