The study found that turning on fraud filters increased the rate of fraud such as bots and fake ad calls across 27 digital ad exchanges. Fraud filters increased costs by 44-67% without reducing fraud. Simple blacklists of fraudulent websites and apps were more effective than advanced fraud filters, but blacklists can also be tricked. Exchanges should aim for win rates between 5-15% and blacklist sites above 70%. Turning fraud filters on consistently led to higher fraud rates and costs compared to leaving filters off.