Phone scammers are making make more money than ever and their easiest targets are millennials and men, according to a new report. Americans have lost an estimated $10.5 billion to phone scams in the last 12 months, up from $8.9 billion in the previous 12-month period, according to a report from Truecaller, a caller ID and spam call blocking app. In Truecaller’s fifth annual survey, men and millennials are the most likely to lose money to a phone scam, particularly men between the ages of 18 and 34. Of those scammed, the average loss was $244 per victim.
An increase in “persistent spam calls” is one factor behind the numbers, up 39 percent from the previous 12-month period, Truecaller added. In the most recent 12-month period, spam calls averaged 32 per month (while spam text messages average 11 per month), compared to 23 calls in the prior period. Most of those were robocalls, according to the report. That comes to approximately 97.2 billion spam-related calls and more than 33.4 billion spam texts, in the U.S. alone.