59% Companies faced financial fraud in past 2 years: PwC Survey

A growing number of Indian companies have faced financial or economic frauds over the past two years, outpacing the global average, according to the PwC's Global Economic Crime Survey 2024.

As many as 59% of the Indian organisations surveyed said that they had faced financial or economic frauds in the past 24 months, compared with 41% globally and 52% in the 2022 edition of the same survey.

The survey said procurement fraud has emerged as a predominant issue for Indian businesses, with 50% of the respondents identifying it as a major problem. This marks a 21% increase over the global average. In 2022, however, customer fraud was reported as the top concern by 47% of businesses. Meanwhile, globally, 44% of business leaders' highlighted cybercrime as their top concern.


Corruption and bribery accounted for 33% of economic crimes, but 34% of Indian companies did not undertake relevant audits on third-party vendors, showed the survey. Only 37% of companies employ real-time payment monitoring with the capacity to block suspicious transactions.