Financial Crime World

Fraud in Finance Industry: Croatian Companies Victims of Economic Crime and Cyber Attacks

According to a recent survey by PricewaterhousCoopers (PwC), a staggering 53% of Croatian companies have fallen prey to some form of fraud or economic crime over the past two years. This figure is a significant increase from 2016, with 26% more companies reporting being victims of fraud.

Global Economic and Fraud Survey 2018

The survey found that globally, 49% of organizations have been victims of fraud and economic crime. In Croatia, the most common types of cybercrime reported include:

  • Malicious software (35%)
  • Online identity theft (27%)

A worrying trend is that nearly half of respondents in Croatia (47%) stated that cybercrime has caused serious disruption or cancellation of business processes.

Expectations of Cyber Attacks

The survey also found that 32% of Croatian companies expect to experience some form of cyber attack. A significant proportion believes that this type of crime will cause the greatest disruption and negative impact.

  • 23% of respondents were unaware of the existence of cybersecurity programs in their organizations designed to prevent and identify such crimes.
  • 50% of respondents suffered losses due to economic crime, ranging from 320,000 to 6.4 million kuna.

Combatting Economic Crime

Despite the alarming rates of fraud and cybercrime, the survey revealed that Croatian companies are taking steps to combat these threats. More than half (53%) of respondents reported sharing information with relevant state institutions about suspected cybercrime or actual attacks.

  • 30% of respondents had increased investments in combating economic crime over the past two years and plans to continue doing so over the next two years.
  • Almost every third respondent (30%) has invested more in combating economic crime, although this is still below the global level.

According to Ivana Rapić, head of forensic services in Croatia, the country’s results differ from the global trend with regards to typical perpetrators of fraud. The survey was conducted on a sample of 7,200 participants across 123 countries, making it one of the largest and most comprehensive studies of its kind.

Conclusion

The PwC survey highlights the importance of combating economic crime and cyber attacks in Croatia. While there are concerns about the prevalence of these crimes, the survey also shows that Croatian companies are taking steps to address these issues. As the global landscape continues to evolve, it is essential for organizations to remain vigilant and proactive in their efforts to prevent and combat fraud and economic crime.