ALMOST 1,000 economic crime incidents were recorded in Cyprus last year, according to a report published yesterday.
The highest percentage of the 955 such crimes related to offences of forgery followed by false representation and crimes of fraud.
According to Christos Tsolakis, Economic Crime Forensics Partner at PricewaterhouseCoopers (PwC) organisations need to evaluate their internal procedures, identify vulnerabilities and implement controls which prevent economic crime incidents.
“Prevention is a good practice that also encourages employees to follow ethical standards and business ethics,” he said.
This week PwC Cyprus has joined forces with police and the Association of Certified Fraud Examiners (ACFE), the world’s largest anti-fraud organisation and premier provider of anti-fraud training and education, for the yearly international campaign also known as “Fraud Week.”
Utilising its expertise in the area of economic crime forensics, PwC engaged in a series of activities which aimed at raising awareness, preventing and managing incidents of economic crime in an effort to promote the goals of the fraud awareness campaign.
Next Monday, the organisation in collaboration with police will organise for the first time, a conference focusing on the prevention and fight against economic crime while particular emphasis will be placed on cybercrime.
PwC said that some basic steps any organisation can and should take to help combat fraud include identifying and managing operational risks, raising awareness and establishing a fraud policy that includes measures for addressing fraud incidents.
Preventative measures also include dealing with trustworthy companies and individuals, aligning IT, Internal Audit and Board in the fight against economic crime, conducting regular fraud risk assessments and effectively managing risks. Key cybercrime prevention measures include promoting a cyber risk-aware culture and implementing a cyber crisis response plan.
For more visit FraudWeek.com. In addition, PwC’s sixth Global economic crime survey provides an in depth analysis of the causes and effects of fraud worldwide. The report is available on www.pwc.com/crimesurvey. The new Global economic crime survey, which will include interviews with Cypriot executives, is expected to be launched in February 2014