PWC-REPORT
pwc-report
PwC Survey 2024
59% of Indian Firms Face Financial Fraud:
PwC's 2024 survey reveals 59 per cent of Indian companies faced financial fraud in two years, an 18 per cent rise above the global average. Key threats include procurement fraud (50 per cent) and cybercrime (44 per cent). Despite adopting analytics, only 44 per cent use them effectively. Corruption and forced labor remain critical concerns.
A startling 59 per cent of Indian companies had encountered financial or economic fraud in the previous 24 months, according to PwC's 'Global Economic Crime Survey 2024 - India Outlook.
This represents an 18 per cent increase in comparison to the global average of 41 per cent and a 7 per cent rise within India since the 2022 survey, according to PwC India.
The latest findings highlight 50% of respondents cited procurement fraud as a critical problem, making it the biggest hazard facing Indian companies. When compared to global concerns, this represents a notable 21% increase. Customer fraud, on the other hand, has surpassed the issue that accounted for 47% of Indian firms in 2022.
According to the most recent research, 50% of respondents cited procurement fraud as a critical problem, making it the biggest hazard facing Indian companies. When compared to global concerns, this represents a notable 21% increase. Customer fraud, on the other hand, has surpassed the issue that accounted for 47% of Indian firms in 2022.
Cybercrime continues to be a major worry on a global scale, ranking as the top danger according to 44 percent of CEOs.
While 52 per cent of Indian organizations analyze transactions before a sale and 46 per cent after one, they are utilizing data analytics to fight procurement fraud. However, just 37 per cent use real-time payment monitoring that can stop questionable transactions.
The survey suggests successful fraud prevention techniques including stronger processes, updating vendor selection, enforcing conflict of interest policies, employee training.
However, Only 44 per cent of Indian respondents use data analytics to identify odd bid patterns.
On the global front, 77 per cent of corporate executives worldwide expressed confidence or high confidence in their organization's efforts in this area., the survey added.
Approximately 20 per cent of Indian company leaders said that corrupt practices, i.e. those related to dishonest or improper payments to government officials and/or commercial customers—had increased during the previous 12 months, while 34% claimed that corruption had reduced. the PwC India added.
According to PwC India, approximately 20% of Indian business executives said that corrupt practices—that is, those related to dishonest or improper payments to public authorities and/or private clients—had increased during the previous 12 months, while 34% claimed that corruption had reduced.
PwC's survey reveals a major issue over forced labour in a variety of sectors, including manufacturing, fashion, agriculture, and hospitality.
16 per cent of Indian companies are actively tackling this risk while 24 per cent analyzing it, 26 per cent ado not know how important it is to their organization and 19 per cent acknowledge it but do not have plans for assessment, the survey added.
