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Cracking the Code on Consumer Fraud | Accenture

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Cracking the Code on Consumer Fraud | Accenture

  1. 1. Cracking the Code on Consumer Fraud How public safety agencies can address the growing challenge 1 Copyright © 2022 Accenture. All rights reserved.
  2. 2. Cracking the Code on Consumer Fraud Overview Consumer fraud—fraud perpetrated against the public—has been growing steadily over the last decade. Yet, the pandemic supercharged its growth. The evolving nature and escalation of consumer fraud is impacting more victims and resulting in greater financial and psychological harm. It is also challenging the way public safety agencies operate today. We examined eight countries in our study — Australia, Canada, France, Germany, Italy, Singapore, the UK and the US to forecast what the future holds in terms of the potential growth in consumer fraud and the subsequent growth in indirect costs and direct losses to victims. The following showcases our findings for the next five years across these eight geographies. 2 Copyright © 2022 Accenture. All rights reserved.
  3. 3. From 2013-2019: Consumer Fraud incidents grew nearly 7% per year or around 50% total over 6 years; From 2020-2021: Consumer Fraud grew by nearly 23% or almost 60% in just 2 years Rate of growth of consumer fraud in 2013-2019 vs 2020-2021 In percent change of the number of reported cases for selected countries 6.8% CAGR in the number of reported incidents 2013-19 22.5% CAGR in the number of reported incidents 2020-21 CAGR: Compound Annual Growth Rate 3 Copyright © 2022 Accenture. All rights reserved. Cracking the Code on Consumer Fraud Singapore* (SG) United States (US) Australia (AU) United Kingdom (UK) Italy (IT) Germany (DE) Canada (CA) France (FR) *Singapore’s data releases on the extent of consumer fraud as a crime type began only in 2017. Prior, data tracking on consumer fraud was limited, and the definition has been broadened over the years for tracking purposes. Accordingly, the period pre-pandemic reflects a larger rate of growth than that of most other countries.
  4. 4. Direct losses together with indirect costs of fraud reached US$ 143B in 2021, up from $89b in 2019. Direct and indirect cost of fraud in selected countries In US$ billion, 2019-2021* 2019 2020 2021 Wellbeing costs Direct Financial Losses Cracking the Code on Consumer Fraud The figures for 2021 were estimated by Accenture Research based on applying the rates of growth of reported incidents for the US (q1-q3) and the UK (H1). Based on estimates for the US, UK, France, Germany, Italy, Canada, Australia and Singapore. $89.0 $117.5 $142.8 $49.3 $65.3 $79.4 $39.7 $52.2 $63.4 4 Copyright © 2022 Accenture. All rights reserved.
  5. 5. We modelled four different scenarios over the next 5 years to gain a clear picture of alternative futures for consumer fraud. Our findings across the 8 geographies show… 17-24% US$93B-157B 2.4-3.9X US$125B-198B of the population will be affected by consumer fraud in direct financial losses from consumer fraud burden of fraud, as a percentage of GDP, compared to 2013 anticipated wellbeing costs resulting from being victims of fraud Cracking the Code on Consumer Fraud Copyright © 2022 Accenture. All rights reserved. 5
  6. 6. Forecast Scenarios Under any of our 4 scenarios, fraud will grow faster than before and will affect a higher share of the population (50-115% increase from 2021 to 2027) Number of victims of fraud In millions, 2013-2027 Cracking the Code on Consumer Fraud 7.3% of total population in 2019 Up to 13.2% of total population in 2022 Up to 23.6% of total population in 2027 +50% in the number of victims Up to +84% in the number of victims Up to +83% in the number of victims 2013-19 2020-22 2023-27 6 Copyright © 2022 Accenture. All rights reserved.
  7. 7. Forecast Scenarios Direct or indirect cost of fraud in multiple countries In US$ billion, 2019-2027 Cracking the Code on Consumer Fraud 3.9x in terms of GDP in between 2013 and 2027 23.6% of total population affected by fraud in 2017 16.7% of total population will suffer a financial loss due to fraud by 2027 7 Copyright © 2022 Accenture. All rights reserved.
  8. 8. Cracking the Code on Consumer Fraud Four pillars that hold both challenge and opportunity Eco-system partners include other public safety and government agencies at the local, state, and international level as well as private sector companies, such as financial institutions, telecommunications companies, and technology companies (e.g. Meta, Google, Twitter, etc.) and third sector organizations. Partners Citizens Workforce Technology This pillar focuses on citizen engagement both from the perspective of informing and educating the public to reducing the likelihood of them becoming victims, but also supporting and reassuring victim to and helping them to feel safe and educated. The way in which public safety officers and staff are recruited, retained, trained and supported to best fight consumer fraud. How digital capabilities and new emerging technologies can be best leveraged to address consumer fraud. 8 Copyright © 2022 Accenture. All rights reserved.
  9. 9. Cracking the Code on Consumer Fraud Solutions To address consumer fraud, public safety agencies can employ three types of operational responses across these four different pillars 9 Citizens Engagement of citizens and support to victims Partners Collaboration with ecosystem partners Workforce Skilling, enablement and empowerment of the workforce Technology Use of technology & data to enhance service provision Collect Intelligence & Analyze Collect and analyze intelligence from a wide range of data sets Detect & Investigate Detect fraud and pursue investigations to deliver better justice outcomes Prevent & Disrupt Stop fraud before it occurs and disrupt criminal activity Copyright © 2022 Accenture. All rights reserved.
  10. 10. 10 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 674,000 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 www.accenture.com About Accenture Research Accenture Research shapes trends and creates data-driven insights about the most pressing issues global organizations face. Combining the power of innovative research techniques with a deep understanding of our clients’ industries, our team of 300 researchers and analysts spans 20 countries and publishes hundreds of reports, articles and points of view every year. Our thought-provoking research—supported by proprietary data and partnerships with leading organizations, such as MIT and Harvard—guides our innovations and allows us to transform theories and fresh ideas into real-world solutions for our clients. Disclaimer: This content is provided for general information purposes and is not intended to be used in place of consultation with our professional advisors. Copyright ©2022 Accenture. All rights reserved. Accenture and its logo are registered trademarks of Accenture. This document refers to marks owned by third parties. All such third-party marks are the property of their respective owners. No sponsorship, endorsement or approval of this content by the owners of such marks is intended, expressed or implied. Copyright © 2022 Accenture. All rights reserved.

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