Fraud a growing issue for Irish businesses - PWC report

19/11/2009 - 07:19:02
Fraud is a growing issue for Irish businesses and is running ahead of the western European experience.

A new survey from PricewaterhouseCoopers has also found that the cost of fraud is rising. The survey shows a 71% increase in fraud in Irish businesses while more than half of the companies surveyed say the cost of fraud is also on the increase.

It is the first PricewaterhouseCoopers Irish Economic Crime Survey and forms part of a global survey in 54 countries.

The most common types of fraud in Ireland are asset misappropriation, financial statement fraud and money-laundering.

The data also shows that Irish companies are more conscious of fraud risk and are doing more risk assessments that their European counterparts.

They were less likely to take action however - in 17% of cases no civil or criminal actions were brought and dismissal only occurred in 50% of the most serious internal crimes committed in the last year.