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How can you gain the upper hand? US edition
of US respondents experienced fraud in the last 24 months
Customer fraud + Cyber
top the list of US economic crimes
of US companies were asked to pay a bribe—a record high
4 in 10
US respondents say the crime experienced was committed by an internal perpetrator
Fraud: A continuing threat with climbing costs
Are you doing enough? Barely half of the organizations in our survey allocate dedicated resources to fraud risk assessment, governance and managing third parties. To raise your game in preventing fraud, you should focus on three actions:
First, identify, rank and address all your risks. Second, back up your anti-fraud technology with the right governance, expertise and monitoring. And third, take notice of fraud when it happens.
When your organization is hit by fraud, how do you respond? Of the companies in our study, 50% said they didn’t conduct an investigation. Getting to the root of the problem is key to preventing further damage. You may elect to get external assistance to investigate. Disclosing to government authorities is also crucial.
Nearly half of US respondents plan to increase their spend on fraud prevention in the next two years. But will they see a return on their investment? The answer is probably yes: our research reveals a clear link between fraud prevention investments made up front—and reduced cost when a fraud strikes. Our survey found that companies with a dedicated fraud program in place spent 27% less on response and 55% less on remediation costs than those without measures in place.
“When it comes to preventing and tackling fraud, our research shows that a dollar invested now is worth twice as much when a fraud hits.”
Principal, PwC US
Partner, Global Investigations & Forensics Leader, Global Crisis Consulting Leader, PwC US
Charles R. Hacker
Partner, PwC US
US - Advisory, PwC US