Financial Crime World

Thailand’s War on Financial Crime: A Battle Far from Won

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Despite a reported decrease in incidents of financial crime and fraud in Thailand this year, experts warn that the real number may be much higher due to fraudsters adapting and exploiting new technologies.

The Economic Crime and Fraud Survey

According to the Economic Crime and Fraud Survey, alarming statistics highlight the need for Thai companies to remain vigilant and proactive in their fight against financial crime. The survey reveals:

  • 33% of Thai companies have fallen victim to fraud, corruption or other economic crimes over the past two years
  • 66% of those affected discovered one to five incidents during this period
  • Nearly a third (29%) reported encountering more than ten attacks

Types of Fraud Experienced by Thai Companies

The most common types of fraud experienced by Thai companies include:

  • Asset misappropriation
  • Procurement fraud
  • Bribery and corruption

Internal Crime: The Biggest Threat

Internal crime appears to be the biggest threat, with 59% of fraud cases perpetrated by insiders, followed closely by collusion with someone on the inside. Only 16% of incidents were committed by external parties acting alone.

The Role of Whistleblowers

Whistleblowers play a crucial role in detecting financial crimes, with 30% of crimes discovered through tip-offs or formal whistleblowing hotlines. However, experts warn that Thai companies are lagging behind their global peers in many detection areas and should not neglect other crime detection channels.

The Ongoing Battle Against Fraud

“The battle against fraud, corruption and other economic crimes is a never-ending one, and companies can pay a steep price if they leave themselves exposed,” says a leading expert.

Prioritizing Investment in Fraud Prevention

As the war on financial crime continues to rage on, Thai businesses must prioritize investment in fraud prevention methods and training for employees to stay ahead of the evolving threats. Only then can they hope to emerge victorious in this ongoing battle.