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For nearly two decades, PwC’s Global Economic Crime Survey has been biennially surveying companies to better understand fraud, corruption and other economic crimes. Over the years we have seen some trends change, some issues remain pervasive, and new approaches emerge in response to economic crime. One thing that remains clear, however, is that fraud in all its forms remains a serious concern.
What emerges from this year’s survey is that the battle against economic crime in China is as fierce as ever, with the cost of economic crime in China remaining far above the global average. Fraud prevention in China continues to be very challenging, and one of the reasons is that 40% of the surveyed companies’ most disruptive incidents involved collusion between internal and external parties.
There is a need for continued vigilance and effective responses to fraud allegations and incidents. Increasingly sophisticated anti-fraud measures are also needed to fight back against economic crimes that have proven resistant to traditional anti-fraud techniques.