New Data Reveals an Industry Aware of the Threat—But Still Underprepared
Trusted by leading gaming platforms, Fortune 500 customer operations teams, and top logistics providers.
Voice fraud has evolved faster than most security programs. Deepfakes, impersonation attacks, cross-channel scams, and high-pressure social engineering are now everyday realities for contact centers and fraud teams. Yet despite near-universal awareness, most organizations still lack the tools, processes, and visibility they need to respond in real time.
Modulate and Banking Dive surveyed leaders across banking, fintech, retail, and insurance to understand how teams are navigating this rapidly escalating threat—and where their defenses are falling short.
Voice-based Fraud Losses in 2025
More than half of respondents (53%) place the average cost per incident between $5,001 and $25,000.
18% say it exceeds $25,000.
Under $1,000 (4%)
$1,000–$5,000 (19%)
$5,001–$25,000 (53%)
$25,001–$100,000 (17%)
Over $100,000 (1%)
Varies/Unsure (8%)
84% of organizations faced moderately or highly sophisticated voice fraud attacks this year.
1 in 5 organizations spent up to 500 hours investigating fraud in 2025.
The challenge is that as fraudsters get more sophisticated, better authentication isn’t necessarily going to stop attacks. You need the ability to detect manipulation tactics being used on top of whatever authentication layer you have in place.
— Mike Pappas, CEO & Co-founder, Modulate
What’s alarming is how fast fraudulent tools and techniques are evolving. Deepfakes are getting indistinguishable, and organizations need something that goes beyond the human ear to detect it.
– Henry Legard, CEO, Verisoul
64.9% of survey respondents are evaluating AI-powered voice fraud detection—but far fewer have deployed it.
By downloading this report, you'll have a better understanding of:
The hidden burden of voice-based fraud beyond dollars lost.
Why AI-driven voice fraud is so difficult to detect through manual review alone.
Where your industry peers plan to invest in voice-based fraud prevention in 2026.
Leaders’ biggest challenges.
Recommendations for evaluating modern voice fraud solutions.
See where you stand in the fight against voice-based fraud —and what your organization needs to do next.
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See how peers are investing in anti-fraud measures
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