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Industry Research : Reverse Australia Releases New Info-Graphic on Telemarketing Fraud
ReverseAustralia.com recently launched a new info-graphic on telemarketing fraud. With important facts and statistics, this informative piece is designed to educate Canadians on telemarketing schemes and frauds. According to the infographic, there are several hundred fraudulent telemarketing operations in North America. These unscrupulous firms routinely seek to defraud customers in Canada and the U.S.
Based on the infographic, criminals use the same techniques as legitimate companies, but hide behind the anonymity of the telephone and attempt to defraud thousands of Canadians each year. According to Private Citizen, 148 million junk calls are placed by telemarketers each day. In fact, it’s a $500 billion a year business. While most telemarketing calls are legitimate, there are countless fraudulent companies that are always looking to milk Canadians out of their savings. Investment scams alone amount to losses of $1 million per hour.
The infographic also highlights the monetary losses suffered by victims of these scams and other telemarketing schemes. This includes a total overall loss of $3,827,800.00. This costs consumers on average a total of $1,174.00. According to the Direct Marketing Association, there were over 3,789 telemarketing complaints in one 35 day period. While this number is truly staggering, industry experts believe it will rise in the months and years ahead.
While there are several types of telemarketing fraud, charities seem to profit the most. In fact, these companies generate revenue by simply selling your name and number to other telemarketing entities. These are known as "sucker lists", which secure more money for charities as opposed to the actual donations they collect. On average, only 24% of what customers donate via telemarketing sales calls actually reaches the intended recipients or charities.
Telemarketing companies also receive money from customers in several ways. Topping the list is bank/debit cards, along with credit cards, money orders, and wire transfers. A small percentage of customers pay via their telephone bills or cashier’s checks. While telemarketing companies mainly utilize phones to establish contact with customers, they do utilize other methods as well. This includes the mail, along with print, fax, and even in-person or door to door visits. Only 1% of telemarketing is actually done via television and radio ads.
When it comes to telemarketing fraud, there are certain age groups that are targeted and victimized the most. This includes 54% of 30-60 year olds, along with 36% of those 60 and over. Individuals 30 and under make up 20% of customers that are victimized by fraudulent marketing companies.
Posted by Veronica Silva Cusi, news correspondent
Today's Tip of the Day - Managing Change
Published: Monday, May 6, 2013