Financial fraud is on the up in the Middle East, according to a new report from PwC.
Its 2018 Middle East Economic Crime and Fraud Survey revealed a significant increase in the number of financial fraud cases at 34 percent in 2017 compared to 26 percent in the previous year.
PwC said asset misappropriation, business misconduct and fraud committed by consumers are the three most frequent types of fraud and/or economic crime reported by respondents.
Internal audit was the main contributor to detecting the most disruptive fraud experienced by respondents in the last 24 months (20 percent) followed by internal tip-offs (18 percent), fraud risk management and suspicious activity monitoring (both at 14 percent).
PwC added that regional organisations are realising the rising…
