The results of our 2016 Global Economic Crime Survey show 61% of respondents having experienced some form of economic crime in Zambia. The Financial Services sector is most at risk, accounting for 46% of economic crime. Almost two thirds of economic crime were committed by internal fraudsters as a result of opportunity and/or the ability to commit the crime.
What concerns us the most is the high reliance placed by more than a third of Zambian organisations on means beyond their control to detect economic crime. This, combined with the low percentage of respondents detecting economic crimes through corporate culture means it will be very difficult to tackle economic crime - after all, an organisation's first line of defence is their people and deficiencies in corporate culture will severely impact this defence. Another key trend is the growth in both the incidence and cost of cybercrime - the increased levels of cybercrime are a global phenomenon and all organisations are exposed. We need to be alive to this threat.
Our report sets out the key findings from our survey and our observations on possible ways to mitigate and deal with those threats. We hope that this perspective on economic crime in Zambia is both useful to you and enlightening.