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Fraud-Fighting Efforts: Measuring Success and Staying Ahead of Evolving Threats

In today’s business landscape, combating economic crimes is no longer a matter of if, but when. As fraudsters adapt to new tactics and technologies, it’s essential for organizations to stay ahead of the curve by investing in proactive fraud-fighting tools and resources.

The Challenge of Measuring Success

Quantifying the benefits of such efforts can be challenging, as it often requires proving a negative - that is, demonstrating the effectiveness of measures in preventing or detecting future fraudulent activities. Moreover, some companies may only invest in combating economic crimes where they have fallen victim in the past or where there are mandatory regulatory requirements to do so.

The Importance of Proactive Fraud-Fighting

In contrast, organizations that prioritize proactive fraud-fighting tools and resources can reap significant rewards. Research shows a clear link between upfront investments in fraud prevention and reduced costs when fraud does strike.

Assessing Effectiveness

A key challenge is finding a defensible measurement approach that demonstrates a program’s ability to prevent or detect problematic misconduct in the future. In the East African region, particularly in the finance sector, regulators are increasingly demanding evidence of compliance programs and regular independent reviews. This underscores the importance of having a robust fraud-fighting framework in place.

Solutions from PwC

At PwC, we understand the complexities of combating economic crimes and offer tailored solutions to help organizations identify key risks and threats. Our fraud risk assessments and cybersecurity services combine global best practices with in-market expertise to ensure that our clients are well-equipped to address evolving fraud schemes.

Take Proactive Steps Today

Don’t wait until it’s too late - take proactive steps today to protect your organization from the scourge of economic crime. Contact us to learn more about our specialized services and how we can help you stay ahead of the curve.

About PwC

PwC is a network of firms in 158 countries with over 236,000 people dedicated to delivering quality assurance, advisory, and tax services. Our purpose is to build trust in society and solve important problems. Visit us at www.pwc.com to learn more.

References

• Link to research on fraud prevention
• Link to PwC’s fraud risk assessments
• Link to PwC’s cybersecurity services

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