New Accenture Report Highlights Significant Spike in Consumer Fraud, Offers Steps for Public Safety Agencies to Help Counter the Increase
04 Abril 2022 - 7:59AM
Business Wire
Reported cases of consumer fraud more than tripled in the years
2020-2021 from prior years, finds a new report by Accenture (NYSE:
ACN), presenting a growing challenge for public safety agencies to
find new strategies to counter the trend.
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A framework for evolving the prevention
and detection of fraud (Graphic: Business Wire)
The report, Cracking the Code on Consumer Fraud, compiled data
from eight developed nations (Australia, Canada, France, Germany,
Italy, Singapore, United Kingdom, and the United States) on
consumer fraud, defined as any fraud directly targeting citizens
and excluding fraud targeting government agencies and companies.
Reports of such fraud increased at an estimated 6.8% rate annually
during 2013-2019 and then increased to a 22.5% annual growth rate
yearly during 2020-2021 in parallel with the large shift of workers
and consumers to digital channels and greater use of technology
during the pandemic.
“Our analysis revealed the cost of consumer fraud during the
pandemic exceeded the level seen over six years prior to 2020,”
said James Slessor, Accenture’s global lead for public safety.
“With this type of crime growing so intensely, we urge public
safety leaders and their partners to evolve and intensify efforts
to combat the trend and reduce its impact on consumers, businesses
and national economies.”
The report includes scenarios forecasting consumer fraud rates
over the next five years. Under the most optimistic scenario, the
annual growth rate of consumer fraud would fall to the pre-pandemic
level of 6.8%. The most pessimistic scenario projects continued
growth at the rate seen during the pandemic of more than 22%.
“We found that approximately 7% of the population across the
countries we studied were affected by consumer fraud in the years
preceding the pandemic, and that will increase by 2027 to 17% under
the most optimistic scenario and 24% under the pessimistic
outlook,” said Slessor. “It’s no longer a question of ‘will fraud
continue to rise?’ but more a matter of how fast and how high, and
the pressing need to better address the growth of this type of
crime.”
Accenture’s report points to a range of activities that public
safety agencies can consider elevating to counter consumer fraud.
While countries and agencies studied were found to be at widely
varying levels of maturity, in terms of their approaches and
capabilities to fight fraud, the report offers a framework to build
more effective operational response systems regardless of the
current status of efforts within specific countries.
Areas of operational response to consumer fraud fall into three
categories: collect and analyze intelligence, detect and
investigate incidents of fraud, and (when possible) prevent and
disrupt attempts before fraud occurs. The report calls out four
areas of opportunity – citizens, partners, workforce, and
technology – and offers guidance for steps to expand efforts in
each area of opportunity across the breadth of operational response
categories.
“In light of the fast rise and already massive extent of
consumer fraud, we are calling for more of an intelligence-led,
proactive and collaborative path forward,” Slessor added. “As
consumer fraud becomes more intrusive, sophisticated and spans
across borders, our call is to elevate efforts with a
whole-ecosystem approach in which governments and many partners
work together to innovate and deter fraud.”
About Accenture
Accenture is a global professional services company with leading
capabilities in digital, cloud and security. Combining unmatched
experience and specialized skills across more than 40 industries,
we offer Strategy and Consulting, Interactive, Technology and
Operations services — all powered by the world’s largest network of
Advanced Technology and Intelligent Operations centers. Our 699,000
people deliver on the promise of technology and human ingenuity
every day, serving clients in more than 120 countries. We embrace
the power of change to create value and shared success for our
clients, people, shareholders, partners and communities. Visit us
at accenture.com.
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Joe Dickie Accenture +1 512 694 6422
joseph.r.dickie@accenture.com
Accenture (NYSE:ACN)
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