AFRICAN businesses are most vulnerable to economic crime and North American corporations are at serious risk – but Australia is not far behind. And at an average of $US2.2 million ($3.3 million) in financial losses for each instance of fraud, that’s worrying news for home-grown corporates. Nearly half of Australian businesses have been hit by fraud in the past two years, according to global business consultants PricewaterhouseCoopers (PwC), making Australia the worst-affected country in the Asia-Pacific. PwC’s global economic crime survey, the first of its kind, found 39 per cent of companies in the region had reported instances of fraud. In Australia, the figure was 47 per cent. The survey results are based on more than 3600 interviews with chief executives and chief financial officers in 50 countries. Full Story
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