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Procurement fraud accounts for 30% of global economic crime

Tuesday 25th February, 2014

A new report into Global Economic Crime by PwC has revealed that fraud, corruption, accounting fraud and cybercrime continues to be a major problem for organisations of all sizes, and across all sectors. However, the company points out that the real issue is the threat economic crime poses to business processes.

With over 5,000 global respondents, the survey is focused not only on breaking down the facts, figures, trends and regions, but also on analysing how and where it may be affecting business. Procurement fraud accounted for almost 30% of the economic crime reported, with accounting fraud amounting to 22%.

53% of respondents expressed concern over the effect of bribery and corruption on the business, and with that accounting for 27% of all economic crime, it seems they're right to do so.

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