All of us have been aware of the increase in fraudulent attempts both in business and on consumers over the past 12 months. YouGov writes:
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.
We are now entering a time where FCA businesses should be proactively reviewing customer outcomes and implementing their plan for the Consumer Duty. Remember there is now under a year to implement this plan. For further assistance please get in contact with us.