Financial Crime World

Here is the article in markdown format:

Economic Crime in Thailand: Key Findings from PwC Report

=====================================================

The report “Economic crime in Thailand” by PwC Thailand provides valuable insights into the state of economic crime in the country. Here are some key findings:

Fraud Profile in Thailand

  • Employees dominate fraud cases: 77% of fraud cases involve employees, with staff making up more than half of fraudsters.
  • External fraudsters often business partners or agents: 31% of external fraudsters are business partners or agents acting on behalf of companies.

Motivation for Fraud

  • Opportunity and ability to commit fraud is the biggest motivator: Employees are most motivated by the opportunity and ability to commit fraud.
  • Employee morale also a factor: Employee morale is another significant motivator for committing fraud.

Response to Fraud Allegations

  • Dismissal of employees who participate in fraud: 68% of Thai organizations dismiss employees found to have participated in fraud.
  • Notification of law enforcement and civil action: 46% inform law enforcement, while 42% take civil action against perpetrators.
  • Limited notification of regulatory authorities: Only 14% notify relevant regulatory authorities.

Fraud Detection Methods

  • Reporting suspicious transactions leads to detection: Most incidents of fraud were detected by reporting suspicious transactions (17%), followed by routine internal audits.
  • Tip-offs and whistleblowing hotlines not often used: A limited number of fraud cases are detected via tip-off and whistleblowing hotlines.

Budget Spent on Investigations

  • Most organizations spend less than $50,000 or 1.75 million baht: Nearly 70% of respondents spent less than $50,000 or 1.75 million baht to investigate economic crime.

Fraud Risk Assessment

  • Half of Thai companies perform proactive risk assessment annually: Half of Thai companies perform a proactive fraud risk assessment at least once a year.
  • Only 15% perform assessment more frequently: Only 15% of respondents mentioned that their organization has performed an assessment more than once per year.

Actions Taken when Potential Fraud was Detected

  • Internal resources used to investigate: 66% of Thai companies use their internal resources to investigate, rather than seeking external expert advice.
  • External legal advisors consulted: 21% contact external legal advisors, while 17% consult their auditors and only 12% engage a specialist forensic investigator.