Fraud and economic crime - an evolving challenge
have experienced fraud in the last 24 months
of UK respondents lost an opportunity to a competitor who they believed paid a bribe
cite cybercrime as the most disruptive type of fraud
The evolving landscape of fraud is causing increased disruption to businesses. We asked questions around the types of fraud they had experienced, the impact it had and what they’d done to prevent it happening again.
What did they tell us? Economic crime has reached its highest level in the past 24 months with 56% of UK businesses surveyed stating that they were impacted by fraud, corruption or other economic crime. This 2020 figure is the highest in the history of our Global Economic Crime Survey, and is well above the global finding of 47%.
A closer look at the types of fraud being reported reveals some further interesting trends. Fraudulent attacks on businesses continue to appear from multiple angles, with some significant differences emerging between what we see in the UK compared to the global picture. The UK has a much higher proportion of frauds perpetrated externally, at 57% compared to 39% globally.
Our research explores how UK businesses are being affected by fraud, and what areas are causing the most disruption. The message: for any business – yours included – the threat of fraud is current and growing. It’s a risk you ignore or underestimate at your peril. Too many businesses are doing just that.
Our Global Economic Crime Survey 2020: UK findings will help you get clued up on fraud risks, and map out an action plan to respond.
“Looking across the business world, it seems unlikely that the growing threat of fraud will recede any time soon. As we’ve noted in previous reports, periods of economic and geopolitical uncertainty often open up new opportunities for fraudsters to pinpoint or exploit gaps in controls. With the threats from global actors continuing to increase, it’s hardly surprising that cybercrime remains the top type of fraud reported by UK businesses.”