Fighting fraud: A never-ending battle
PwC’s 2020 Global Economic Crime and Fraud Survey finds fraud and economic crime rates remain at record highs, impacting companies in more ways than ever. PwC’s bi-annual survey of business crime reports that fraud committed by customers tops the list of all crimes experienced (at 35%), up from 29% in 2018. Businesses report that customer fraud and cybercrime are the most disruptive of all the crimes. The Global Economic Crime and Fraud Survey examines over 5000 responses from 99 countries. It reports on the overall insights from companies who have experienced on average six incidents over the last two years. The report provides insights into the threat, cost of fraud and what companies need to do to develop stronger proactive responses.
The report highlights the importance of prevention and how investing in the right skillset and technology can create an advantage. Nearly half of organisations responded to crime by implementing and enhancing controls, with 60% saying their organisations were better for it.
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