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Fraud Updates
PCB News
Fraud Updates 2007
16 October
The 2007 economic crime report by PricewaterhouseCoopers has shown an alarming and rapid rise in corruption and bribery. Almost twice as many companies reported incidents of these types of fraud as in the previous survey.
A tenth of those organisations who responded to the survey reported that they have lost a business opportunity to a bribe paying competitor.
As is common with most other surveys on this topic, PwC found that companies underestimate the risk posed by fraudsters. The survey showed that only 17% of respondents believed that they were 'quite likely' or 'very likely' to suffer economic crime. The reality is that 48% of UK companies report being the victims of fraud.
The increase in the occurrence of fraud has increased the average cost to UK businesses from an average of £0.8m to £1.75m.
The report highlights the continuing need for vigilance and the importance of maintaining adequate and effective policies to tackle this growing menace.
| November 2007 | August 2007 |