Protecting the perimeter: The rise of external fraud
The recent PwC's Global Economic Crime and Fraud Survey, gathered opinions from 1,296 respondents globally, including Mauritius, on how their respective businesses are reacting to emerging economic and fraud attacks.
Significant policies, trainings, and internal controls over the years have helped local businesses to weather down the impact of fraud. But with new ways of working as a result of the pandemic, new threats are emerging in organisations both internally and externally.
In 2021, we saw a distinct shift in the cyber threat landscape, with ransomware using current affairs as baits, supply chain attacks, phishing and impersonation becoming the most significant cyber threat faced by businesses globally and in Mauritius.
Preventing and detecting financial crime is quickly becoming one of the biggest challenges for institutions following the growing complexities in business processes, technologies, products and regulatory regimes, impacting the risk exposure of organisations.
These occurrences re-emphasise the need for cybersecurity and financial crime controls to be part of Boards' strategic conversations to preserve and protect businesses' assets against fraudsters
Understand the end-to-end life cycle
Identify where opportunities exist for a fraudster to exploit customer-facing products and cause financial, legal or reputational damage.
Strike the proper balance
Good user experience and effective fraud controls are both achievable, through the right combination of fraud technology, strategy and processes.
Consolidate data from disparate, disconnected systems into a centralised platform that can track the end-to-end life cycle of users (fraudsters or not) and generate meaningful alerts.
This year's Global Economic Crime and Fraud Survey enquired about businesses' attitudes towards fraud, financial and economic crime in the current environment. The survey, our first snapshot of 2022, homed in on fraud trends and conduct risk.
We invite you to read more on our website and the full report.
Partner, Cybersecurity & Privacy, PwC Mauritius
Tel: +230 404 5015
Partner, Business Recovery Services, Forensics and Financial Crime., PwC Mauritius
Tel: +230 404 5148
Head of PwC Legal (Mauritius) Ltd, PwC Legal
Tel: +230 404 5009
Senior Manager, Clients and Markets Development, PwC Mauritius
Tel: +230 4045029