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Fraud and Misconduct Reach New Heights, Survey Reveals

A shocking new survey has found that fraud and misconduct have reached unprecedented levels, with a significant increase in reported cases of consumer fraud and business misconduct.

Key Findings

• 29% of respondents reported suffering from consumer fraud
• 28% reported experiencing business misconduct
• 52% of reported internal frauds were committed by senior management
• 24% of respondents reported losses of over $5 million due to fraudulent activities
• 41% of external actors committing fraud were “frenemies” - agents, vendors, shared service providers and customers

Conduct Risk

The survey highlights the growing threat of “conduct risk” - the risk that employee actions will imperil the delivery of fair and ethical business practices. This emphasizes the need for businesses to be vigilant in monitoring their supply chains and relationships.

Financial Costs of Fraud

The financial costs of fraud can be substantial, with:

• 66% of respondents reporting that they spent more on investigations and other interventions than was directly lost due to fraudulent activities
• 11% of respondents reporting spending over $50 million on these efforts

Implications for Businesses

The survey’s findings have significant implications for businesses, highlighting the need for robust risk management strategies and ethical leadership. As one CEO noted:

“Chief executives are accountable not just for the financial performance of their companies, but also for maintaining a culture of integrity.”

Accessing the Full Report

The full report can be accessed on PwC’s website.

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