The 2009 Global Economic Crime Survey: The Canadian Perspective

56%

of Canadian companies reported being victims of
economic crime during the previous 12 months.

83%

of economic crime victims in Canada reported asset misappropriation as their most common type of fraud.

38%

of economic crime victims in Canada detected their fraud
by chance or through an internal or external tip-off.

Economic crime in a downturn

Over the past 12 months, in the midst of a global economic downturn, several significant economic crimes have come to light. Canada has not been exempt from such criminal activity, with large-scale Ponzi schemes under investigation in Quebec, Ontario and Alberta and alleged financial fraud in the government sector.

The worst may be on the horizon. During difficult economic times, the incentive to commit fraud increases while the focus on fraud detection, prevention and investigation generally diminishes. Since companies are more vulnerable with weakened or non-existent controls due to cost-cutting and downsizing, fraudsters see increased opportunity to commit economic crime. As a result, financial fraud occurs both from within and outside organizations.

The results of the PricewaterhouseCoopers (PwC) Investigations & Forensic Services' Global Economic Crime Survey 2009 suggest that economic crime in Canada has risen to its highest level in the past six years. Although Canada has historically reported higher instances of economic crime than our global counterparts, the 2009 results show a widening disparity.

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