Despite a robust legal framework and strict corporate governance, economic crime remains an obstinate threat in Singapore.
More than one fifth of organisations in Singapore experienced some form of economic crime in the past 24 months.
The rate of economic crime reported in 2016 (22%) remains largely unchanged for the country since 2014 (24%), and has been consistently below the global average (36%).
More than half of the respondents (55%) felt that the main contributing factor to economic crime was weaknesses in business processes which were exploited by the perpetrators.
This figure has decreased from 2014 (77%), aligning with the observation that more Singapore-based companies are implementing control measures to detect and prevent fraud.
A majority of these cases were detected via suspicious transactions reporting and data analytics, fraud risk management and internal tip-offs or whistleblowing.
86% of Singapore-based respondents (compared to 78% in 2014) are open to engaging external parties such as legal advisors, external auditors, and specialist forensic investigators when they identify any incident of potential fraud.
66% of companies conduct a risk assessment at least once a year, compared to 51% in 2014. However, there is still room for improvement as 30% of respondents either do not perform or are unaware if their organisations perform any fraud risk assessment.
Chan Kheng Tek
Forensics Leader, PwC Singapore
Tel: +65 9616 9820
Cyber Security Partner, PwC Singapore
Tel: +65 9618 9773
Director, PwC Singapore
Tel: +65 9671 1326