Insights

Impersonation Under Attack: How Somos is Helping Financial Institutions Fight Scams

Feb 28, 2025

Financial institutions are facing a growing wave of impersonation scams — fraudsters posing as banks and fraud departments to deceive customers and steal sensitive information. These scams rely on illegal spoofing, which allows criminals to fake caller IDs and appear legitimate. As a result, consumers lose trust, ignore important calls and financial institutions face reputational risks.

Recently Jaime Zetterstrom, VP of Product Management, joined The Knoble podcast to discuss how the telecom industry can partner with financial institutions to fight back.

"The challenge is that bad actors are taking advantage of the telecommunications ecosystem itself," Jaime explained. "We must ensure that every call and text is a trusted form of communication."

How can we work together to close the gaps that fraudsters are exploiting? At Somos, we are dedicated to helping financial institutions strengthen their communications and restore trust. Our key solutions include:

• Delegate Certificates – Verifies a company’s right to use a phone number, preventing spoofing.
• RealNumber DNO (Do Not Originate) – Blocks scammers from misusing numbers never meant for outbound calls or texts.
• Rich Call Data (RCD) & Branding – Ensures legitimate calls that have proven right to use display accurate identity information.

Financial institutions play a critical role in safeguarding their communications and protecting consumers from fraud. By implementing these solutions, they can enhance security, maintain brand integrity, and build greater trust with their customers.

What steps can you take today to protect your phone numbers, your brand, and most importantly, your consumers? Watch the full episode here to learn more!