Overall, rates of fraud, corruption and economic crime targeting businesses have remained relatively stable over the last four years, with the exception of technology, media and telecommunications companies, according to a recent report.
Consulting giant PwC’s Global Economic Crime and Fraud Survey 2022 found 46 percent of all organizations experienced fraud, corruption or some other kind of economic crime in the past 24 months. Of those, nearly one in five experienced at least $50 million in financial impact from their most disruptive incident.
The report examines a wide variety of industries and economic crimes and notes conditions that should concern e-commerce businesses.
“Several factors are converging to drive a rise in external fraud,” the report’s authors wrote. “The increased frequency of data breaches in recent years will undoubtedly continue, raising the bar considerably for companies obligated to protect [customer accounts and] the private, personally identifiable information of their customers. The breaches will also challenge the knowledge-based authentication strategies organizations have put in place to protect against fraudsters.”