SA leads in economic crime

Johannesburg – The PwC Global Economic Crime Survey revealed on Wednesday that South African organisations had reported the highest rate of economic crime in the world over the last two years.

Some of the most alarming statistics include at least 69 percent of organisations reporting being victims of economic crime, while 32 percent had experienced cybercrime and 70 percent of survey respondents viewed local law enforcement as inadequately resourced to fight economic crime.

Louis Strydom, Forensic Services Leader for PwC Africa, said that economic crime remained a serious challenge to business leaders, government officials and private individuals in the country.

“When compared to the global statistic of 36%, we are faced with the stark reality that economic crime is at a pandemic level in South Africa. No sector or region is immune from economic crime,” said Strydom. The 2016 Global Economic Crime Survey interviewed 6 337 participants in 115 countries.

In South Africa, 232 organisations from a broad spectrum of industries took part. Conducted biennially, the main aim of the survey is to inform business leaders about developments in the continuously changing landscape of economic crime and to encourage debate around strategic and emerging issues in this sphere.