In PwC’s 2018 Global Economic Crime and Fraud Survey, only 43% of organisations in Greece said they’d been a victim of fraud and economic crime. As fraud is dynamic and constantly evolving, it cannot be easily identified and recorded. So, is it true that the remaining 57% did not experience some kind of fraud?
The survey reveals that Greece has a low recognition of fraud and its impact on employee morale, business relations and reputation. With direct monetary losses between $100.000 and $5 million in almost half of the cases, the fact that one third of the Greek organisations intends to increase funds to combat fraud and economic crime is encouraging. However, these investments should be a result of bringing fraud prevention and detection to the first line of defence rather than responding to a stricter regulatory regime. Nevertheless, even though there is a wealth of innovative technologies such as predictive analytics and machine learning, on which organisations can invest to form their shield against fraud, the human factor should not be neglected, as ultimately human behaviour becomes the most critical factor in the decision to commit fraud, especially when it comes to internal fraud.
Explore the Greek survey result highlights below or find out more in PwC’s 2018 Global Economic Crime and Fraud Survey.
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