Economic crime remains on the rise in Britain as business and public sector organisations struggle in the face of economic austerity and spending cuts. Over half of UK respondents experienced economic crime in the last 12 months. Cybercrime is now the third most common type of economic crime.
The fallout from economic crime is not simply the direct cost, the collateral damage strikes an organisation at its core. The effects can seriously damage the perception of a brand, leading to loss of market share.
As headcounts fall in control functions across the different industries, we fear more fraud overall will go undetected, Organisations need to be vigilant and proactive when fighting economic crime.