New Delhi,dec 18
A staggering 59 per cent of Indian companies experienced financial or economic fraud in the past 24 months, according to PwC’s ‘Global Economic Crime Survey 2024 – India Outlook.
This marks an 18 per cent increase compared to the global average of 41 per cent and a 7 per cent rise within India since the 2022 survey, PwC India highlighted.
The latest findings highlight procurement fraud as the top threat for Indian businesses, with 50 per cent of respondents identifying it as a major issue. This reflects a significant 21 per cent jump compared to global concerns. In contrast, customer fraud, which was the leading issue for 47 per cent of Indian businesses in 2022, has been overtaken.Globally, cybercrime remains a primary concern, with 44 per cent of leaders citing it as the top threat.Puneet Garkhel, Partner and Leader, Forensic Services, PwC India, commented, ‘In our 2022 survey, customer fraud led the list, reported by 47 per cent of companies. However, this year’s findings reveal a shift with procurement fraud now emerging as the primary concern.”While Indian companies are using data analytics to combat procurement fraud with 52 per cent analysing transactions pre-deal and 46 per cent post-deal, only 37 per cent employ real-time payment monitoring with the capacity to block suspicious transactions.
