Do we still have Trust in Communications?

What's Inside?

In a previous collaboration between XConnect and Mobilesquared in 2022 exploring how the CPaaS industry viewed the impact fraud had across the omnichannel, voice services were identified as the channel most susceptible to fraud.
In 2023, almost one third of CPaaS providers stated that voice and messaging were the most popular channels used by brands and enterprise.

Voice and SMS along with email are the three building blocks upon which the next generation of channels (WhatsApp and RCS) have been constructed for omnichannel activity in a CPaaS environment. With concerns already expressed regarding the vulnerability of voice, most of 2023 was consumed with the escalation of fraud
on another pillar of CPaaS, SMS.

Mobilesquared defines CPaaS as “the
capability to provide real-time, cloud-based omnichannel communications via an API to connect brands with consumers.” Under this definition, companies not providing access to
more than one channel are not classified as a CPaaS provider.

Similarly, from a business perspective, a business can be using one or multiple channels to communicate via an API,
but it has to have access to multiple channels if required.

Highlights:

1. CPaaS is defined by Mobilesquared as "the capability to provide real-time, cloud-based omnichannel communications via an API to connect brands with consumers"

2. Artificial inflation/generation of traffic (AIT & AGT), and traffic trashing, were three of the fastest growing fraud types in A2P SMS in 2023

3. In 2023, almost one third of CPaaS providers stated that voice and messaging were the most popular channels used by brands and enterprise

4. An estimated $6 billion will be lost in cumulative revenue between 2022-2026

5. Smishing/phishing is viewed as the fraud that will have the greatest impact, ahead of AIT and AGT, and grey routes.