Global economic crime survey 2011

The pressure on companies to control and prevent fraud is increasing. Yet, there is little hard evidence on either the scale of the problem or current thinking on how best to deal with it. To help industry leaders understand and confront these issues, PwC has undertaken its sixth global study on the impact of economic crime on businesses.

The spotlight is on cybercrime this year. We take an in-depth look at the scale of this phenomenon. There will never be a simple solution, but we can endeavour to develop our understanding and share our knowledge of ‘what works and what doesn’t’ in combating fraud.

Survey highlights:

• Cyber crime ranks as one of the top four types of economic crime.
• More than half (58%) perceive their IT department as a high risk department with respect to committing cyber crime.
• 35% of respondents did not have any cyber security training in the last 12 months.
• Asset misappropriation has not only been the most common type of economic crime but also shown a steady increase since 2007, up from 20% to 68% in 2011.
• 36% of the respondents believe that economic crime impacts employee morale.
• 80% of respondents said that their organisation terminated the individual who committed the fraud and more than half of the respondents ceased to conduct business with outsiders who engaged in fraudulent conduct.

Fraud- The enemy within (Economic crime survey 2009)