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Zenger
Zenger
Lifestyle
Alberto Arellano

Phone Phising Scams Stole More Than $29 Billion From Americans, New Report Says

A picture taken on July 7, 2011 in Bordeaux, southwestern France shows somebody holding an iPhone in front of a bottle-top silver bubble seal. A vishing report from Social-Engineer showed that Americans had lost $1.2 billion annually. JEAN-PIERRE MULLER/GETTY IMAGES

Scammers cost Americans almost $29 billion over the past five years—in an amount larger than the GDP of Ecuador.

Vishing is a phone-based attack method for scammers posing as existing government agencies or business entities including banks. Scammers who use vishing methods familiarize themselves with the language of the business or government entity.

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