Economic Crime and Fraud in Thailand: Key Findings from PwC’s 2022 Survey

Executive Summary

The COVID-19 pandemic has led to an increase in economic crime and fraud globally, including in Thailand. This article summarizes the key findings of PwC’s Economic Crime and Fraud Survey 2022 - Thailand Report, focusing on supply chain fraud and ESG reporting fraud.

Supply Chain Fraud: A Growing Concern

• Increased risk due to COVID-19: One in five respondents sees supply chain fraud as an increased risk due to the pandemic.
• Mitigation efforts: Thai respondents have been conducting various activities such as staff training and risk assessment to mitigate this risk.

ESG Reporting Fraud: A Global Concern

• Importance of accuracy: With ESG responsibility growing in importance, accuracy in ESG reporting is essential.
• Global prevalence: Globally, 8% of organizations experienced ESG reporting fraud in the last 24 months.
• Thai respondents: None of the Thai respondents reported experiencing ESG reporting fraud.

Key Areas Correlated to Supply Chain Fraud

• Insufficient technology/processes: A lack of sufficient technology and processes is a key area correlated to supply chain fraud.
• Lack of staff: A lack of staff to identify and manage supply chain risks is also a key area correlated to supply chain fraud.

Recommendations for Strengthening Fraud Risk Management

• Understand the end-to-end life cycle: Organizations should understand the end-to-end life cycle of customer-facing products.
• Balance user experience and fraud controls: They should strike the proper balance between user experience and fraud controls.
• Orchestrate data: They should orchestrate data to track the end-to-end life cycle of users (fraudsters or not).