April 25 2018
Incidents of financial fraud surged last year with 34 per cent of respondents reporting fraud/financial crime in a PwC survey tracking trends frauds in economic crime.
According to PwC’s the 2018 Middle East Economic Crime and Fraud Survey, 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 per cent) followed by internal tip-off’s (18 per cent), fraud risk management and suspicious activity monitoring (both at 14 per cent).