The PwC Global Economic Crime Survey
report reveals that South African
organisations had the highest rate of
economic crime in the world over the last
two years.
Some of the most alarming statistics
include at least 69 per cent of organisations
reporting being victims of economic crime,
while 32 per cent had experienced
cybercrime and 70 per cent of survey
respondents viewed local law enforcement
as inadequately resourced to fight
economic crime.
Louis Strydom, Forensic Services Leader for
PwC Africa, said that economic crime
remained a serious challenge to business
leaders, government officials and private
individuals in the country.
“When compared to the global statistic of
36 per cent, we are faced with the stark
reality that economic crime is at a
pandemic level in South Africa. No sector
or region is immune from economic
crime,” said Strydom.
The 2016 Global Economic Crime Survey
interviewed 6,337 participants in 115
countries.
In South Africa, 232 organisations from a
broad spectrum of industries took part.
Conducted biennially, the main aim of the
survey is to inform business leaders about
developments in the continuously changing
landscape of economic crime and to
encourage debate around strategic and
emerging issues in this sphere.
Asset misappropriation remained the most
prevalent form of economic crime
reported by 68 per cent of respondents.
It was followed by procurement fraud at 41
per cent and bribery and corruption at 37
per cent.
Cybercrime has risen to fourth – up two
places since 2014 – with 32 per cent of
South African organisations affected, on par
with the global average.
Local businesses are paying a heavy price
with almost a fifth of local respondents
reported to have experienced losses of
between 100,000 dollars and one million
dollars to economic crime.
One in four indicated having suffered losses
of more than one million dollars.
More than half of organisations believed it
was ‘likely’ that they would experience
bribery and corruption and cybercrime
within the next two years.
More than a third of financial services
respondents that had undergone
inspections by regulators had to address
major findings.
Overall, the reports found that business
detection and response plans were not
keeping pace with the level and range of
threats now facing organisations.


Source : www.nta.ng/survey-reveals-south-africa-leads-the-world-in-economic-crime/2016/03/03/

Thats their own bussinez

I thought its Nigerians, going by what baba buhari said last time.

No doubt about it.