59% Companies faced financial fraud in past 2 years: PwC Survey
As many as 59% of the Indian organisations surveyed said that they had faced financial or economic frauds in the past 24 months, compared with 41% globally and 52% in the 2022 edition of the same survey.
The survey said procurement fraud has emerged as a predominant issue for Indian businesses, with 50% of the respondents identifying it as a major problem. This marks a 21% increase over the global average. In 2022, however, customer fraud was reported as the top concern by 47% of businesses. Meanwhile, globally, 44% of business leaders' highlighted cybercrime as their top concern.
Corruption and bribery accounted for 33% of economic crimes, but 34% of Indian companies did not undertake relevant audits on third-party vendors, showed the survey. Only 37% of companies employ real-time payment monitoring with the capacity to block suspicious transactions.
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