Corporate Fraud Surges 50% in 2 Years
BSG ADVISORY: Firms should be making fraud a key wedge issue in marketing, while financial executives must join with other departments to take a strategic role.
LONDON (press release) — Rising economic crime poses a growing threat to companies, with nearly half of all organisations worldwide being victims of fraud in the past two years, according to PricewaterhouseCoopers’ Global Economic Crime Survey 2005. The number of companies reporting fraud increased from 37 percent to 45 percent since 2003, a 22 percent increase. The cost to companies was an average US$1.7 million in losses from “tangible frauds,” those which result in an immediate and direct financial loss. These include asset misappropriation, false pretenses and counterfeiting.
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