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Thailand’s Financial Crime Epidemic: Survey Reveals Alarming Trends

A recent survey by Economic Crime and Fraud Service has shed light on the alarming rise of financial crimes in Thailand, with 33% of Thai companies falling victim to fraud, corruption or other economic crimes over the past two years. Despite a reported decrease in incidents from 2018, experts warn that this could be a sign that fraudsters are evolving their methods and using new technologies to evade detection.

Survey Highlights

• 66% of affected companies discovered one to five instances of fraud.
• Nearly one in ten (9%) were hit with more than ten separate attacks.
• The most common types of fraud reported include:
  • Asset misappropriation
  • Procurement fraud
  • Bribery and corruption

Internal Crimes Dominate

• Operations staff responsible for 59% of fraud incidents.
• Middle and senior management accounted for a significant portion as well.
• A staggering 18% of fraud was committed through collusion with someone on the inside, while just 16% was perpetrated by external parties acting alone.

Whistleblowers Play a Crucial Role

• Whistleblowers accounted for 30% of all reported crimes.
• However, this highlights a concerning trend, as Thai companies are lagging behind their global peers in terms of detection rates.

Expert Opinion

“This is a never-ending battle against fraud, corruption and other economic crimes, and companies can pay a steep price if they leave themselves exposed,” said an expert. The survey’s findings serve as a stark reminder that Thailand must continue to invest in whistleblowing programs and improve its overall crime detection capabilities to stay ahead of the evolving threat landscape.

Conclusion

As the war against financial crime rages on, it is clear that Thai companies must remain vigilant and proactive in their approach to preventing and detecting fraud. Anything less could have devastating consequences for businesses and individuals alike.