The Kenya results of PwC's 2016 Global Economic Crime Survey show that 61% of respondents have experienced economic crime in the last two years. Our report details the crimes committed, the perpetrators and strategies to mitigate economic crime.
Asset misappropriation, bribery and corruption and procurement fraud were some of the most prevalent forms of economic crimes reported, and cybercrime is increasingly becoming a threat to organisations trying to adapt to the new digital world. The 2016 survey reveals an increase in the incidence of economic crime from the last survey from 52% of respondents experiencing economic crime in 2014 compared to 61% in 2016, which is 25% higher than the global average.
The cost of economic crime does not appear to be rising significantly but the frequency of low-cost incidences is increasing. The survey reveals that economic crime has a significant impact on reputation/brand strength, employee morale and business relations among organisations in Kenya.