ORLANDO, Fla. – According to the Federal Trade Commission, phone or text scams have already cost Americans more than $1 billion in 2024. These schemes typically involve impersonation and fraud designed to steal your money or personal information.

One of the main culprits that enabled these crimes was a platform known as Russian Coms.

Set up in 2021, the operation, described as a “spoofing kit for fraudsters”, provided criminals with pre-loaded smartphones and spoofing software that masked their identities, making them look like legitimate financial institutions.

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Criminals have combined these tools with personal data obtained from data breaches to build trust in their victims. This allowed scammers to convince unsuspecting victims to transfer funds to fraudulent accounts.

Russian communications users are believed to be responsible for defrauding victims of tens of millions of dollars globally

“They use these kits to actually be very effective at scamming you,” said Alex Quilici, the company’s founder. YouMail, an app designed to block scam calls. “When you combine that with the data from the breaches, it’s pretty easy to convince people that it’s really the bank.” Quilici noted that many victims were persuaded to transfer money under the guise of protecting their accounts from fraud – money they would never get back. Victims of all ages suffered losses and calls were made to people in 107 different countries, including the US.

The Russian Coms platform was recently dismantled by the UK National Crime Agency and four suspects believed to be involved in the organization were arrested. Quilici believes the closure is a significant victory.

“Any time law enforcement can get to the people who are causing the problem, it’s a big win,” Quilici explained. However, he cautioned that closing an operation is only a temporary solution. “Someone will take his place,” he warned.

Financial scams affect everyone, regardless of age or technical knowledge. Quilici stressed that awareness is crucial in combating fraud.

“People just need to be extremely skeptical of any text message or any call claiming to be a financial institution,” he advised.

Experts recommend never sharing personal information or verification codes over the phone. Instead, hang up and call the institution directly using a verified number on your card. bank or from the official website.

Applications like YouMail plays a critical role in reducing the impact of scam calls. By identifying and blocking suspicious numbers, these tools help protect users. Quilici highlighted YouMail’s partnership with law enforcement, banks and regulators.

“The more people on YouMail, the more of these scam attempts we see and the faster we can provide data to shut them down,” Quilici said.

While victories like the takedown of Russian Coms mark progress, experts agree vigilance is essential. As Quilici said, “We like to block the calls when they finally arrive, but the real thing is to block them from the start.”

There is encouraging news to note. Federal Trade Commission the last dates reveals that spam call complaints have fallen for the third consecutive year, down by more than half from 2021. This decline reflects efforts to block scam calls at the source and an increase in public awareness. Another reason for the decline comes from Operation Stop Scam Calls. Initiated by the FTC in 2023, the effort marks the largest crackdown on illegal telemarketing in the agency’s history.

This year, the FTC also issued a rule prohibiting impersonation of government or businesses and EXTENDED Telemarketing Sales Rule (TSR) to protect businesses facing illegal telemarketing. The FTC is also tackling artificial intelligence and voice cloning by launching a The Voice Cloning Challenge and clarifying that TSR covers AI-enabled scam calls.

Remember, don’t fall for the schemes or get scammed, but if you are, email me at [email protected]