In The U.S. Hispanics Are Suffering Great Financial Losses As A Result of Phone Scams

The results of Truecaller’s eighth annual Insights U.S. Spam & Scam Report was released today by Truecaller, the premier global platform for authenticating contacts and eliminating unwanted correspondence. 

According to research conducted with The Harris Poll, Latinos in the United States experience a disproportionately greater percentage of financial loss as a result of spam and scam calls than the general population. In the last year, 35 percent of Hispanics in the United States said they had lost money as a result of phone scams, compared to 26 percent of the entire population.

Because Hispanics in the United States are more likely to rely on international phone calls from family members in other countries, they are more susceptible to caller-ID confusion when attempting to determine the legitimacy of incoming, unrecognized phone calls. Similarly, only 59 percent of Hispanics, compared to 62 percent of the general population, say they will delete a text from an unknown phone number. According to the study, Hispanics are more likely to engage with unknown callers and texters, increasing their chances of encountering scammers. In comparison to the general population, Hispanics are 38 percent less likely to register for spam call protection.

Scam calls can cause a lot of problems in people’s lives. After being duped, 35% of Hispanics in 2021 took the inconvenient step of deactivating their credit cards. Data goes to show that Hispanics are more likely than the overall population to fall victim to phone scammers and incur financial losses as a result of them.

According to Truecaller’s insights study, Hispanics lost money at a rate 35 percent greater than the overall public in 2021 and were 39 percent more likely to fall victim to general phone scams. Despite the fact that Hispanics are more likely to be scammed and lose money, they received 35% fewer spam calls than the general population, indicating the disproportionate rate at which Latinos are targeted.

“In comparison to the overall population, Hispanics in the United States require more protection and insulation from spam calls,” says Clayton LiaBraaten, senior strategy advisor for Truecaller. “These con artists have evolved into highly skilled social engineers who are always coming up with new ways to prey on unsuspecting victims. Scams involving immigration and the Internal Revenue Service are popular among Hispanics in the United States.

Robocallers accounted for 74 percent of Latinos who lost money to phone scammers in the previous year, compared to sixty percent of the general population in the United States