• 29-NOV-2011

Economic Crime Continues to Increase, Reveals New Survey by PwC

PricewaterhouseCoopers headquarters, New York
More than a third of businesses and other organisations around the world were victims of economic crime in the last 12 months, according to respondents to PwC's 2011 Global Economic Crime Survey released on November 29. Nearly a quarter of victims said they were subject to cybercrime - the use of technology as the main element in the economic crime. Overall, 34 percent of respondents said their organisations were victims of economic crime, a 13 percent increase since 2009. Theft or asset misappropriation (cited by 72 percent) was the most common type of economic crime reported, followed by accounting fraud and bribery and corruption (24 percent each) and cybercrime (23 percent). Although the direct cost of economic crime to an organisation can be difficult to gauge, nearly 10 percent of victims reported losses of more than US$5 million. Available video includes soundbites.