AFRICA has the highest rate of reported economic crime in the world, according to PwC’s 2016 Global Economic Crime Survey. It found that 57% of African companies had experienced some form of economic crime in the two years leading up to the survey.Globally, 36% of companies reported economic crimes. Now, consider the number of unreported crimes in Africa and you have some idea of the extent of the problem.According to the SAPS crime statistics for 2015, corporate crime decreased by 29.4% from 2014. This is probably more an indication of how many people have stopped reporting such crimes, as the SAPS can do very little to solve them.The PwC survey concluded that the greatest risks to South African companies were asset misappropriation, procurement fraud, bribery and corruption, and cyber crime. While it is a useful gauge, these statistics exclude the most recent and prolific scams butchering businesses.It is vitally important for businesses to understand the risks associated with cur...
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