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.
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.