The cost of fraud to the UK economy today is conservatively estimated at around £73 billion per year, with some facets of fraud experiencing aggressive growth.

A number of high profile and significant security lapses with the personal and banking data of consumers have grabbed the attention of the public, as well as that of regulators around the world.

Over the past few years the financial services industry has taken various steps in an attempt to address this issue. These include a number of products and service enhancements (e.g. the introduction of Chip and PIN to address plastic card counterfeiting), combined with the introduction of various initiatives and organisations with specific remits to target fraudulent activity.

Despite these and other measures adopted around the world, criminals are becoming increasingly creative and sophisticated in their approach to financial services-related crime and fraud.

Further, walking the tightrope between healthy product and customer growth and effective credit strategy and risk management is a challenge that all lending institutions face on a daily basis.

Accourt has extensive experience of working with banks, financial institutions, merchants and others on both fraud and credit risk management topics. We have led a number of innovative initiatives to assist financial services organisations to develop more proactive, integrated and effective approaches to managing credit risk and to reducing fraud. These initiatives have been both with individual organisations and cross-industry.

Fraud Management – Portfolio Analysis and Benchmarking

Analysis of the operation and performance of portfolios against appropriate and relevant industry and regional benchmarks. Accourt follows this analysis and benchmarking with insights and pragmatic recommendations to address any sub-standard performance and/or issues.