Insights

Webinar Recap: Financial Institutions, Telecom Fraud and the Cost of Trust

Mar 24, 2026

Fraud is no longer an occasional disruption for financial institutions. It is a constant and growing threat and more of it is telecom-enabled, exploiting the very channels customers trust most: phone calls, text messages and email.

That was the focus of Somos’ March 17 webinar, Financial Institutions, Telecom Fraud and the Cost of Trust, led by Somos’ Susan Tamida, Senior Product Manager, Chris Brown, Account Manager, Financial Services and Michele Bilton-Smith, Senior Director, Solutions Consultant.

Drawing on a research study commissioned by Somos and based on insights from more than 200 U.S. fraud prevention professionals, the session explored what is driving today’s most common fraud threats, why familiar scams still succeed and how institutions can strengthen defenses by treating phone numbers as identity assets, not just contact points.

Key Findings: Telecom Fraud Trends in Financial Services

The data shows both the scale of the problem and the pressure fraud teams are under:

• 99% of financial institutions experienced fraud in the past 12 months

• 90% report fraud attempts increased in 2025

• Phishing remains the top attack at 98% followed by smishing and payment scams at 75%

• Spoofing at 55% and impersonation at 45% continue to rise

Why Telecom Channels Are a Primary Target

A clear theme emerged during the webinar: fraudsters are targeting communication channels, not just systems. Today’s attacks are rarely isolated. Criminals move across voice, SMS and email to create urgency, familiarity and credibility.

When a phone number looks legitimate or appears to match a known brand, customers are more likely to engage. More than half of financial institutions in the study report decreased customer trust due to fraud. In financial services, trust is the product. When trust erodes, so does the customer relationship.

How Financial Institutions Are Responding

Despite the challenges, there is strong momentum across the industry. Every institution surveyed reported increasing investment in fraud prevention:

• AI and advanced analytics to improve fraud detection

• Cross-channel monitoring strategies that account for voice, SMS and email

• Partnerships with telecom and fraud prevention experts

• Better integration of telecom data into fraud decisioning workflows

A key shift is emerging: telecom is no longer adjacent to fraud prevention. It is central to it.

A New Approach: Treat Phone Numbers as Identity Assets

One of the most important takeaways from the webinar is simple: phone numbers should be treated as identity assets, not just contact points.

This shift helps institutions:

• Improve visibility into number ownership and usage

• Protect brand-associated numbers from spoofing and impersonation

• Use near real-time intelligence to inform fraud decisions when risk is highest

Building a 360-Degree Telecom Fraud Defense Strategy

Somos shared a practical path forward that starts with the phone number itself: improving visibility, protecting brand-owned numbers and using near real-time signals to inform decisioning. Somos solutions like RealBrand^® and RealAgent^® support a more comprehensive, identity-driven approach to fraud prevention:

• RealBrand helps establish and protect the right-to-use for enterprise phone numbers, including those used by third-party contact centers

• RealAgent delivers near real-time phone number intelligence to strengthen fraud detection and decisioning

Together, these solutions enable:

• Reduced impersonation and spoofing risk

• Greater visibility across voice and messaging channels

• Improved customer confidence in trusted communications

Rebuilding Trust Takes Collaboration

Consumers need to know the call or text they receive is legitimate. The work gets easier when fraud, security, compliance, customer experience and telecom operations align around shared ownership of number identity. When organizations treat number identity as shared infrastructure, they can more effectively combat fraud and rebuild trust.

If you missed the live event, watch the webinar on demand today!

Want to understand where your organization may be exposed to telecom fraud across voice and messaging channels? Connect with Somos at connect@somos.com.