PwC’s Global Economic Crime and Fraud Survey 2020

Fighting fraud: A familiar foe in unfamiliar times

 

Innowell

Detecting and preventing fraud: time to raise your game

Over one-third of Australian companies have been hit by a fraud in the past two years. Almost one in five have been asked to pay a bribe.

Tackling the threat of fraud isn’t a one-off exercise but an ongoing battle, particularly in light of the significant disturbances to business processes, controls and working conditions due to the COVID-19 pandemic. And our latest Global Economic Crime and Fraud Survey shows it’s a fight where Australia is lagging the rest of the world in many respects – including areas like using advanced technologies to detect and prevent fraud, and conducting post-incident investigations to learn lessons and prevent future breaches.

The message? Australian organisations have an opportunity – and a growing need – to raise their game in the battle against fraud. This report picks out the key findings for Australian companies from our 2020 global survey, and maps out some optimal steps in response.

Download insights
  • 35%

    of Australian respondents experienced a fraud in the past 24 months

  • 63%

    of respondents in Australia don’t carry out a formal risk assessment for fraud, against 48% globally

  • 40%

    of Australian respondents reported losing more than AU$1.4m in the last 24 months, 22% reported to have lost more than AU$7.1m to incidents of fraud and corruption

  • Only 38%

    of Australian companies conducted a post-fraud investigation, against 56% globally

Fighting fraud: A familiar foe in unfamiliar times

Explore the key Australian findings and insights from PwC’s Global Economic Crime and Fraud Survey 2020

Duration: 00:03:27

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Contact us

Mark Rigby

Mark Rigby

Partner, Sydney, PwC Australia

Tel: +61 403 823 157

Penny Dunn

Penny Dunn

Director, Melbourne, PwC Australia

Tel: +61 407 367 561

Simon Taylor

Simon Taylor

Director, Melbourne, PwC Australia

Tel: +61 409 252 465