PwC’s 2020 PwC Global Economic Crime and Fraud Survey - Kenya report analyses feedback from 102 respondents in Kenya who shared their experiences, perceptions and knowledge of economic crime as part of our global biannual survey.
Overall, the prevalence of economic crimes in Kenya has decreased with 58% of the respondents indicating that they have experienced some form of economic crime in the last 24 months down from 75% reported in 2018. This figure is higher than the global average of 47%, which also saw a reduction from 2018 where the rates reported were 49%. The surveys shows that Bribery & Corruption and Procurement Fraud were the most prevalent as well as the most costly and disruptive types of economic crimes experienced by organisations that responded to the survey in Kenya.
The decreased incident rate, especially in the context of the current economic environment, provides an opportunity to reflect more on the impact of economic crimes on Kenyan organisations as well as businesses around the globe.
Overall, 58% of Kenyan respondents reported having experienced at least one form of economic crime in the last two years, down from 75% reported in 2018. This may be an indication of increased awareness on the part of Kenyan organisations.
Economic crimes are dynamic and unpredictable, and the only way to minimize the risk is preparedness and adaptability.
Advisory Services Leader, East Africa region
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Tel: +254 (20) 285 5000