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What types of fraud are occurring? Who is perpetrating the crimes and how are they being detected?
Since we published our last GECS report in 2020, we have seen levels of disruption across the world that we could not previously have imagined. The result has been considerable uncertainty and stress for individuals and organisations – with one impact of the widespread disruption being rising fraud. In the UK, 64% of businesses have experienced fraud, corruption or other economic/financial crime within the past 24 months, a substantial increase compared to 56% in 2020, and 50% in 2018. This is higher than the global rate of 46%, and second only to the rates seen in South Africa.
In addition to the increased prevalence of fraud in the UK, our survey shows that new fraud risks are evolving. This year we have reflected the heightened challenges in relation to supply chain fraud, and have included this as a separate category for the first time. The report also looks at key trends in fraud risk and maturity, the use of technology in risk management and detection, ESG risk and cybercrime.
The overall message for organisations? With fraud now a greater and more costly threat than ever before, and the risk landscape continuing to undergo constant change, it is vital to consider your organisation’s readiness to address the challenge. This includes investing in the right resources and effective fraud-fighting measures, and acting quickly and decisively when economic crime is encountered. Fail to take these steps, and you could end up counting the cost.
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UK Legal & Professional Services sector leader, UK and Global Business Support Services leader, PwC United Kingdom
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