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Businesses Are Falling Victim To More Fraud And Other Types Of Economic Crimes, Says New Report

The economic world is undoubtedly a stressful environment for obvious reasons. Be it general fraud or online scams- the playground is diverse when it comes to losing millions in crimes that many businesses never saw coming.

And when we look at the global average of such incidents, you just might be surprised to learn that the United Kingdom is taking the lead, more so now than ever.

A recent report from the PwC has put forward some alarming statistics on the matter and it’s referring to the matter as the Global Economic Survey for Crime.

With nearly 1300 people being polled around the globe, the leading firm for consultancy highlighted how a mega 64% of companies in the UK had been exposed to such crimes in the past two years. And that’s more than a 50% jump since the year 2020. Moreover, that’s also a mega leap from the global average which was 46%.

As you can expect, there are a plethora of crimes being committed but the report delineated cybercrime as a leader with nearly 32% of firms being vulnerable to such attacks.

While some critics may argue that it’s an improvement when you look at the previous year’s records, researchers claim there is not much to celebrate because we are dealing with some shady business. Yes, firms are now realizing the threat at large and they are being better at carrying out defense against such incidents. But the report goes on to explain why the matter is serious.
The leading head for digital investigations, Fran Manwood, revealed how market trends from around the world prove that a number of these crimes are temporary. Both fraud, as well as misconduct, have been there for quite some time now with firms trying to evolve as a means to keep track of the world of remote working.

This means there’s not too much that’s new. However, the number of cybercrime incidents repeating themselves over time reveals how businesses are not working as fast as is required to tackle the challenges. But with that does come some good news about how more measures are being done to enhance security.

We’re seeing a decline in crime rates at leading investment firms, in combination with different compliance programs, controls for preventing fraud, and some cyber defense systems as well.

Similarly, the report highlights that the leading type of fraud that has reigned supreme are those related to the supply chain. And in the UK, most of these crimes are being carried out by external criminals like hackers, consumers, and even suppliers.

Read next: Data shows around $43 billion have been lost to business related scam emails

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