Despite heightened efforts at regulation and control, fraud remains a major threat to companies around the world. In Singapore, 19% of companies surveyed were victims of economic crime in the past two years, an increase from 16% in the 2005 survey, according to PricewaterhouseCoopers’ (PwC) 2007 Global Economic Crime Survey - “Economic crime: people, culture and controls”.
Companies in Singapore are riding the wave of rapid economic growth, bringing with it a heavy reliance on technology and fierce competition. However, these opportunities for growth also present some of the greatest challenges in detecting and deterring fraud.
Our survey shows that while companies continue to develop systems and controls to detect and deter economic crime, fraud controls are not enough. An ethical corporate culture plays an equally important role in deterring fraud.
Into its fourth edition, the survey was conducted in collaboration with the Economy & Crime Research Centre, Halle & Berlin, Germany and based on interviews with over 5,000 executives from 40 countries. A copy of the global report can be downloaded at www.pwc.com/crimesurvey.
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Click to download Singapore report (220 kb)
