A new survey conducted by YouMail Protective Services has revealed that the problem of brand impersonation scam calls and texts in the US is much bigger than people realize, affecting one in seven people and causing over $40 billion in damages. The survey, which drew from a representative cross-section of age groups, geographic regions, and income levels, found that younger people are actually more at risk of being scammed than older adults.
Financial institutions and package delivery companies are the most common targets of brand impersonation scams, with over 3 out of 4 survey respondents reporting being targeted. The survey also found that young people are getting more of these imposter scam calls than older adults, with over 9 in 10 of Gen Z respondents aged 18-26 having received them.
The financial impact of these scams is a staggering $40 billion, with over 1 in 7 survey respondents having endured actual financial losses. Moreover, the survey found that brand impersonation scams severely harm brands, with over half of respondents saying they would complain to the original brand about impersonation and 45% losing trust in doing business with them.
The survey results highlight the need for brands to take proactive action to prevent brand impersonation scams and protect their reputation. As Americans receive more than 50 billion robocalls per year, it is crucial for brands to identify, understand and prevent these scams in order to avoid losing customers and revenue.