The Financial Services sector report from the results of PwC’s sixth Global Economic Crime Survey is one of the most comprehensive studies of economic crime in the business world.
The focus of the current survey is the growing threat of cybercrime, considering the significance and impact of this form of economic crime and the way in which it affects organisations globally.
The financial services industry continues to be the fraudsters’ target of choice, primarily for asset misappropriation.
- 45% of FS organisations have suffered frauds in the last 12 months compared to 30% in other industries
- Cybercrime is the 2nd most commonly reported type of economic crime for FS organisations
- Nearly a third of staff in FS organisations have not received any cyber security related training
- External fraud remains the principle threat for FS organisations but internal fraud is catching up
- The percentage of frauds where senior management are involved has seen a 50% increase in the last 2 years
- 1 in 5 of FS organisations failed to carry out a fraud risk assessment in the last 12 months
- Whistleblowing mechanisms are underused and under promoted by FS organisations
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