Financial fraud on the rise


Financial fraud on the rise

There’s been a significant rise in the number of financial fraud cases across the Middle East, according to a new report.

In PwC’s Economic Crime and Fraud Survey, 34 per cent of respondents said there were cases of economic crimes in their organisation last year, compared to 26 per cent in 2016.

Asset misappropriation, business misconduct and fraud committed by consumers were the three most frequent types of fraud reported.

Meanwhile, the report also found that over the last two years, Internal Audit has been the main contributor to detecting the most disruptive fraud at 20 per cent, followed by internal tip-off’s at 18 per cent.