Pulling fraud out of the shadows
As economic crime continues to increase, UK businesses must combine people and technology to fight back
50% of UK businesses have experienced fraud in the past two years
49% of respondents experienced cybercrime in the past two years
The UK findings from PwC’s 2018 Global Economic Crime Survey (GECS) confirm that fraud is continuing to run at high levels, with respondents’ experiences showing a shift towards technology-enabled crime, bribery and procurement fraud. This is despite the overall level of UK businesses experiencing fraud falling from 55% in 2016 to 50% in 2018. This ongoing increase underlines the need for organisations to take new approaches to tackling fraud.
Our survey showed that cybercrime is the most commonly experienced fraud (overtaking asset theft as the top fraud for the first time), 49% of UK victims compared to 31% globally.
While the majority of organisations are using technology to monitor or detect fraud in some way, the overall percentage of frauds detected by technology has decreased since 2016. Survey indicates that the UK is lagging behind much of the rest of the world in harnessing technology to prevent and detect fraud.
This year we use the UK results from GECS to explore three key themes:
Source: PwC's Global Economic Crime Survey 2018