In 2019, the US Congress mandated that telecommunication companies in the US had to adopt the. STIR/SHAKEN enables telcos to verify the root source of incoming phone calls, for example, if a call is originating from an Internet dialler or a robocaller.
However, if a scammer does manage to speak to a potential victim and manipulates them into attempting to transfer money there needs to be tools available to the banks to intervene swiftly. STIR/SHAKEN in the US continues to hold promise. But protracted and uneven implementation across telecom providers gave scammers the opportunity to exploit loopholes. As a result consumers still report relatively high numbers of scam calls reaching them without being labelled as potential scams.
Second, this collated list of scam identifiers can be used to help telcos, ecommerce services, banks and messaging apps block potential fraudulent actors on their platforms as well.