Page 8 - AeM_May_2018

RESEARCH, ANALYSIS & TRENDS

Singapore companies embrace technology

enabled techniques to fight fraud

In today’s digital and globalized economy, organizations increased in tandem. In Singapore, results show that
face a heightened threat of fraud. This, coupled with half of the organizations (51%) spent more on
more effective detection of fraud, has driven reported investigations and/or other interventions than what was
economic crime to its highest level, PwC’s bi-annual lost through their most disruptive crime. This is
survey of economic crime recorded. significantly higher than the global average of 28%.

In Singapore, detection of the most disruptive frauds, Facing the threat of fraud, organizations in Singapore
using suspicious activity monitoring, appear to be at a are beefing up their internal controls, as corporate
much higher level compared to global average, PwC’s controls remain the top means of detecting the most
survey shows. In fact, Singapore based organizations disruptive economic crimes (54%), going up four
are embracing technology to detect fraud, indicating a percentage points from 2016. Many respondents also
more proactive approach in the fight against fraud. reported addressing fraud prevention through corporate
culture initiatives through which 33% of the most
Overall, the results have shown that more than one in disruptive frauds in Singapore based organizations
three respondents in Singapore said their organizations were detected via tip offs or hotlines.
had suffered fraud in the last two years (35%), up from The survey also shows that organizations in Singapore
22% in 2016. Globally, the proportion of organizations are planning to invest in advanced technologies at a
reporting economic crime has also gone up from 36% in faster rate than their global counterparts (see PwC’s
2016 to 49% in 2018.
graph below). ◊
With the increased awareness and higher numbers of For more details, please read the full report
reported fraud incidences, investments to combat it have

Organizations planning to implement the following technology enabled detection methods:

PwC’s Global
Economic Crime
and Fraud
Survey examined
over 7200
respondents from
123 territories, of
which 118 were
from Singapore.

8 May 2018 - Cyber-security & Data Protection