Almost 50% of Australian businesses have been affected by fraud in the past two years, with the financial services industry reporting the highest level of fraud-related crime. PricewaterhouseCoopers’ (PWC) latest global economic crime survey, which assessed 50 countries, shows the highest levels of economic crime are reported in Africa, North America and the Asia Pacific region.

The survey says about 52% of businesses with more than 1000 employees are most vulnerable to fraud. PWC argues part of the reason for this is because large companies invest in unfamiliar overseas markets.

“The specific nature of the financial services industry, providing access to complex financial transactions and significant quantities of physical assets, has proved to be an obvious target for fraudsters.”

Australia manufacturers were also identified as fraud targets, with almost 40% of organisations in Australia identifying cyber crime as a major threat.

PWC dispute analysis and investigations partner Malcolm Shackell says fraud is a very real threat to Australian businesses and can have “a material and lasting impact on businesses, affecting their share price and reputation”.

“Companies that have been fortunate enough not to have suffered from fraud should learn from those companies which have, by investing now in a comprehensive fraud risk management plan in order to withstand the persistent threat of economic crime,” he said.