Putting Fraud in Context

The Global Fraud Epidemic

Fraud impacts everyone from private individuals to large corporations, from private industry to public sector and even the military. Financia services firms are not the only targets of fraud in today’s digital world. E-retailers spend more than 7% of their total annual revenue combating fraud.
The U.K. government lost £8.5 billion pounds in benefit fraud in 20213. PwC’s Global Economic Crime and Fraud Survey 2022 respondents reported total losses of US$42 billion, on top of the damage to brand, reputation, and market share. In actuality, fraud losses are often higher than the figures reported.
Firms never want their customers to know the full extent of what is really lost. The actual cost of fraud incurred by organizations extends beyond the direct loss to investigation and recovery costs, regulatory penalties, and reputational damage that impacts customer and partner relationships.