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Insiders responsible for 69% of frauds in ME firms

31 Jan 2012

(MENAFN) PricewaterhouseCoopers’ (PwC) said in its Middle East Economic Crime Survey that 69 percent of frauds in the region’s firms were committed by insiders, reported Emirates 24/7.

The firm added that these frauds were carried out by internal perpetrators, typically profiled as male, between 31 years and 40 years old, a graduate degree holder and has been with the company for 3-5 years.

It also said that in the last 12 months, nearly 28 percent of companies in the region reported economic crime, with asset misappropriation, bribery and corruption, cybercrime and accounting fraud representing the main four types of crimes.

It is worth noting that 17 percent of known fraud in the Middle East was detected by accident compared to the global average of 8 percent.

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