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Thailand’s Fight Against Financial Crime: New Technologies Emerge as Threats Evolve

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Bangkok, Thailand - A New Report Highlights Increasing Sophistication of Financial Crimes

A recent report by PwC Thailand has highlighted the increasing sophistication of financial crimes in Thailand, with companies struggling to keep pace with the evolving threats. The PwC Thailand Economic Crime and Fraud Survey 2020 found that while reported incidents have dropped from 2018, this may be a sign that fraudsters are becoming more cunning, using new technologies to breach defenses undetected.

Key Findings of the Survey

Nearly one-third of Thai companies have been affected by financial crimes in the last two years, down from 48% in 2018.
However, experts warn that this decrease could indicate that companies are failing to invest in adequate fraud detection programs and technology.

The Fight Against Financial Crime: A Never-Ending War

“The fight against economic crime is a never-ending war,” said Shin Honma, Partner at PwC Forensic Services Thailand. “Companies need to be vigilant and proactive in assessing their defenses against financial crimes, and prepared to respond quickly and effectively when an attack occurs.”

Common Types of Financial Crime Experienced by Thai Companies

Asset misappropriation
Procurement fraud
Bribery and corruption

These types of financial crime were found to be the most common among Thai companies, with internal staff, including operations personnel, middle management, and senior executives, responsible for the majority of cases.

Importance of Whistleblowing Hotlines in Detecting Financial Crimes

Interestingly, nearly one-third of crimes were discovered through informal tip-offs or whistleblowing hotlines, highlighting the importance of these detection channels. However, experts warn that other areas of detection should not be neglected, as Thai companies are trailing their global peers in many areas.

Staying Ahead of Emerging Technologies Used by Financial Criminals

The report emphasizes the need for companies to stay ahead of emerging technologies used by financial criminals, including:

Artificial intelligence
Blockchain
Social engineering tactics

By investing in effective fraud-fighting measures and staying informed about the latest threats, companies can protect themselves from the ever-present and constantly evolving threat of financial crime.