Reported cases of consumer fraud more than tripled between 2020 and 2021

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April 04, 2022, 2:28 AM GMT+0

An Accenture report found that reported cases of consumer fraud increased from 6.8% to 22.5% during 2020-2021.

According to the report, around 7% of the population across countries like the UK, the US, Australia, Canada and France were affected by consumer fraud in the years preceding the pandemic. This number is projected to increase further by 17% by 2027, under the most optimistic scenario, and 24% under the pessimistic one.

Reported cases of consumer fraud rose from a 6.8% annual rate between 2013 and 2019 to a 22.5% annual growth rate between 2020 and 2021. “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,” said James Slessor, global head for public safety, Accenture.

Public safety agencies need to focus on collecting and analysing intelligence. Agencies must also detect and investigate incidents of fraud. The final step in the report’s three-point operation response agenda is preventing and disrupting attempts of fraud. 

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