In the first year of the coronavirus pandemic, scammers were busier than ever. Frauds directed at Americans, as well as citizens of seven other developed nations, rose significantly.
A report compiled by Accenture shows that fraud increased at an estimated 6.8% rate annually during the years 2013 to 2019. However, it surged to a 22.5% annual growth rate from 2020 to 2021. The report’s authors note that the increase coincided 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 notes that it’s possible the number of frauds will return to pre-pandemic levels in the years ahead, but the researchers say there is a better chance that the rate will remain at higher levels since criminals have found it to be so lucrative.
Billions of dollars lost last year
In a recent report, the Federal Trade Commission (FTC) said U.S. consumers lost more than $5.8 billion to fraud in 2021, an increase of more than 70% over the previous year. The FTC received fraud reports…
