Belgium Firms Urged to Boost Fraud Prevention Efforts Amid Rising Concerns
Economic Crime on the Rise in Belgium
A recent survey has highlighted the growing threat of economic crime in Belgium, with 59% of local CEOs expressing concerns over their companies’ readiness to respond to a crisis. The warning comes as figures show that nearly half of global businesses have experienced fraud in the past two years.
Top Concerns for Belgian Corporations
According to PwC’s Global Economic Crime Survey 2020, customer fraud, cybercrime and asset misappropriation remain top concerns for Belgian corporations. Furthermore, many firms are facing serious bribery issues despite underestimating the consequences of such behavior.
Consequences of Economic Crime
The consequences of economic crime can be far-reaching, causing not only financial losses but also reputational damage to companies. To mitigate this risk, businesses in Belgium must adopt effective fraud prevention methods and strategies.
Effective Fraud Prevention Strategies
In light of these findings, PwC’s Fraud and Investigations specialists are urging local firms to take a proactive approach to tackling economic crime. By fostering cooperation and transparent communication, they can guide companies through the prevention, detection, investigation, and resolution of specific issues related to their business.
PwC’s Expertise in Addressing Economic Crime
PwC’s experts have extensive experience in addressing a wide range of fraud-related issues, from bribery and corruption to corporate irregularities and asset misappropriation. They offer bespoke solutions tailored to each company’s unique needs, providing guidance on strategy through execution.
Key Areas for Improvement
Some key areas where Belgian businesses can improve their anti-fraud measures include:
- Bribery and Corruption: Preventing bribery and corruption in all forms
- Corporate Irregularities: Identifying and addressing corporate irregularities promptly
- Asset Misappropriation: Protecting company assets from misappropriation
- Regulatory Violations: Ensuring compliance with regulatory requirements
- Improper Business Relationships: Avoiding improper business relationships that can lead to economic crime
Additionally, companies may also face challenges related to:
- Patent and Copyright Infringement: Preventing infringement of intellectual property rights
- Financial Reporting Fraud: Ensuring the accuracy and reliability of financial reports
- Suspicious Transactions: Identifying and addressing suspicious transactions promptly
- Conflicts of Interest: Managing conflicts of interest effectively
- Whistleblower Allegations: Addressing whistleblower allegations promptly and fairly
By addressing these issues proactively, Belgian businesses can protect themselves from the devastating consequences of economic crime and maintain a strong reputation in the market.