Of those reporting fraud, 69 percent were of the opinion that fraud had affected their share price, 84 percent said that it had increased the costs of dealing with regulators and had incapacitated their relations with other companies and 88 percent were of the opinion that it had dented their brand and impacted staff morale.
The study, entitled “Economic Crime: People, Culture and Controls,” found that economic crime affects companies of all sizes and is all but universal. Fraud levels never dropped in the past eight years since PricewaterhouseCoopers started the survey. Only 11 percent said that in the next two years they will probably become the victims of fraud in their own country.
Steven Skalak, Global Investigations and Forensics Leader, PricewaterhouseCoopers said, “Controls alone are not enough. The answer lies in establishing a culture that supports control efforts and whistle-blowing with clear ethical guidelines.” Among companies having 5,000 employees, 62 percent reported being fraud victims.
According to the study, the reasons that were cited to enlighten why fraud is committed by individuals include luxurious...
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