SA has world's highest rate of economic crime, says PwC

According to a new Global Economic Crime Survey by financial services company PwC, over the last two years South African organisations have reported the highest rate of economic crime in the world.

PwC said that as much as 69% of organisations surveyed reported being victims of economic crime, while 32% of organisations have experienced cyber crime.

According to Louis Strydom (pictured), Forensic Services Leader for PwC Africa, South African organisations reported a considerably higher frequency in the incidence of economic crime in comparison to their African and global peers. South Africa was ahead of France (68%), Zambia (61%), Kenya (61%), UK (55%), Spain (55%), and Australia (52%) in the biennial list.

Strydom said:

"When compared to the global statistic of 36%, we are faced with the stark reality that economic crime is at a pandemic level in South Africa. No sector or region is immune from economic crime… The fact that developed countries are included in the list of the top ten countries reporting the highest rates of economic crime brings home a clear message - economic crime is a global issue and one that affects developed markets as much as it does emerging ones."

South Africans also exhibited significantly low levels of confidence in local law enforcement agencies, with 70% of organisations (almost twice the global rate) believing agencies are inadequately resourced and trained to investigate and fight economic crime.

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