March 1 2016
More than one in three (36%) organisations experienced economic crime Both developed and emerging markets affected Company detection methods not keeping pace What opportunities are available for countering economic crime proactively?
More than a third of organisations have experienced economic crime in the past 24 months, as reported by over 6,000 respondents to PwC’s Global Economic Crime Survey 2016. This year’s results show that the incidence of economic crime has come down, for the first time since the global financial crisis of 2008-9 (albeit marginally by 1%).
At first glance, this could be evidence of a return on the investments in the preventative measures which organisations have been making over the past few years. But as we look at the data more closely, it is possible that this small decrease is actually masking a worrying trend: that economic crime is changing significantly, but that detection and controls programmes are not keeping up with the pace of change. What’s more, the financial cost of each fraud is on the rise.