Insights

Webinar Recap: Call-Based Fraud in the Financial Services Sector

Nov 24, 2025

Call-based fraud has shifted from isolated criminal activity to a systemic challenge that sits at the center of finance, telecom, and digital identity. During a recent CANTO Conversations session led by Kevin Green, Principal Consultant, GAGE, Inc., leaders from the US and Caribbean underscored a reality many institutions already feel every day: fraudsters are becoming more sophisticated and the infrastructure that enables global communication is increasingly being weaponized against consumers.

Panelists Michele Bilton Smith of Somos, Delroy McLean of Proven Wealth Strategies and Telly Valerie Onu of Quintessence Consulting Inc. brought forward perspectives spanning telecom, banking and digital governance. Despite their different vantage points, the message was consistent. Spoofed caller IDs, AI-generated voices and deep social engineering tactics are eroding consumer trust and exploiting gaps across networks, borders and regulatory frameworks.

Financial institutions and telecom operators are seeing parallel pressures. In the United States carriers lost more than $38 billion to fraud in 2023 and more than 136 million robocalls are placed daily. In the Caribbean region, mobile-first engagement, remittances, and fragmented regulatory oversight introduce additional vulnerabilities. Fraud trends continue to accelerate on both the inbound and outbound side, from spoofed bank numbers to SIM-swapping to call forwarding hijacks.

Panelists agreed that education remains a critical defense, but education alone cannot keep pace with attackers who now use AI to automate reconnaissance and impersonation at scale. They emphasized the need for shared intelligence, modern verification tools, and stronger collaboration between operators, banks, regulators, and industry groups to close the gap between detection and response.

This is where intentional coordination becomes essential. Approaches like Do Not Originate (DNO) lists, shared fraud reporting mechanisms and regional threat intelligence platforms offer immediate paths to reduce spoofing and give institutions a clearer picture of emerging risk. Cross-sector forums, whether through CANTO, Communications Fraud Control Association (CFCA) or other industry alliances, allow patterns to surface earlier and help all players act on them faster.

For Somos, the conversation reinforced the role we play in protecting the trust that underpins communication. Managing more than 7 billion phone numbers across North America places us at a unique intersection where numbering, identity and fraud prevention meet. As fraudsters evolve their methods, we remain committed to advancing tools, data and partnerships that help financial institutions and carriers safeguard their ecosystems without adding friction for the people they serve.

The session closed with a clear takeaway: Combating telephone-based fraud is not a task any single institution or country can solve alone. It requires shared visibility, pragmatic safeguards, and a commitment to act together.

If you missed the session or would like to revisit any part of the discussion, the recording is now available on CANTO’s YouTube channel: https://www.youtube.com/watch?v=RXgCWfvIr40.  

If your organization is evaluating ways to strengthen fraud defenses or improve identity integrity across your communication channels, the Somos team is here to help. Contact our team at connect@somos.com to discuss your needs and explore how we can support you.