The number of regional firms reporting incidents of financial fraud rose to 34 percent from 26 percent over the past two years, according to a PwC survey.
Asset misappropriation, business misconduct, and fraud committed by consumers are the three most frequent types of economic crime reported by respondents, costing 46 percent of respondents between $100,000 and $50 million dollars, the survey said.
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), and fraud risk management and suspicious activity monitoring (both at 14 percent).
“Social and environmental pressures are increasing the focus on fraud and economic crime issues across the…
