Scammers are deceitful people who utilize a variety of tactics to steal a person’s possessions. These are the group of individuals who engage with counterfeit activities, misleading their victim to open the gates of opportunities to steal and destroy one’s plans and dreams. Most of the time, these fraudsters initiate their schemes online. Many of their preys are the ones who are not tech-savvy: Retrieving their most important data such as PII, names, addresses, social security numbers, and financial data.
In 2020, the number of reported scammed victims snowballed up to 216,089. Although it is not that a major rate for the 7.8 billion global population, these casualties lost a total amount of $176,091,805 and caused at least 10.7% of financial losses within a year. Moreover, most of the enterprises in 2020 continued their work operation online because of the implemented mass lockdown caused by the COVID-19 pandemic.
Thus, authorities enhanced their legitimate regulations like Public Records Laws, Financial Industry Regulatory Authority, Securities and Exchange Commission (US), and Markets in Financial Instruments Directive (EU) for public sectors and financial institutions to normalize the phone calls and text message monitoring in their operations. These laws that will monitor text messages of any sort and voice/video calls will help the investigations of any fraudulent cases that happened in their company. Additionally, it will also be the authenticity of the firm that will comfort their investor or consumer to trust their companies and policies.
Notwithstanding the motives behind these established laws, several drawbacks still exist in mobile archiving. Be aware of these pitfalls on the infographic below brought to you by TeleMessage: