Pricewaterhouse Coopers (PwC) recently published the results of its latest global survey of fraud and economic crime. Below are the major insights form this survey.
The survey received responses from more than 5000 entities from 99 jurisdictions. It revealed that 47% of companies experienced a fraud in the past 24 months. The number of frauds per company averaged out to be six. The prevalence of customer fraud, cybercrime and asset misappropriation was the highest among all financial crimes. Taken together, all reported financial crimes are valued at $42 billion. Moreover, 13% of those who had experienced a fraud reported losing more than $50 million.
Both internal and external actors perpetrated fraud, amounting to a contribution of 40% each. The remaining incidents of fraud arose from co-conspiracies between internal and external actors. Shockingly, insiders were responsible for almost half of the reported financial crimes that led to losses of over $100 million.
