International Fraud Awareness Week 2023

Are you aware of your company’s fraud risks?

Our experts are raising awareness regarding fraud risks. Learn more about fraud schemes your company should be aware of.

International Fraud Awareness Week

Protecting your company from fraudulent activities and adequately respond after a potential fraud case was identified

The whole world is currently facing a polycrisis – companies are still observing the impact of the covid pandemic as well as the impact of geopolitical tensions, climate change, and challenges in energy and raw material supply. These factors collectively erode the resilience of economies and companies. Economic crises notably increase fraud risks. The ongoing polycrisis creates an environment conducive to fraudulent activities, originating from both external and internal perpetrators. In response, companies are compelled to reevaluate their strategies for combating corporate fraud, a complex and multifaceted challenge.

Our global survey on economic crime provides an important fact: 46 percent of companies globally have encountered economic crime in the past two years.

Covering a spectrum from money laundering and financial sanctions to crypto and digital fraud, our Forensic Services experts are supporting companies to combat all types of economic crime. As part of the International Fraud Awareness Week organized by the Association of Certified Fraud Examiners, our objective is to increase awareness regarding various fraud risks your company may face. Below, we have outlined a range of fraud scenarios worth your attention. For more details on our service offering, please visit our website and explore the provided links.

During the International Fraud Awareness Week, anti-fraud professionals from various industries share their industry insights with business leaders and the wider business community. At PwC Germany, we support the global attention given to this matter and encourage you to explore this page for insights on how to safeguard your business from fraudulent activities and ensure an effective response to economic crime.

Fraud scenarios companies should be aware of

As digitization continues to progress, the number of fraudulent transactions is constantly growing. The increasing reliance on suppliers and the shift to hybrid work models are catalyzing this trend. Consequently, it is essential that companies establish reliable controls and implement sophisticated detection mechanisms. Learn more about data-driven fraud controls.

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Constant change is continuously creating new opportunities – also for fraudsters. Particularly, in recent years, companies have been increasingly confronted with cyber risks and geopolitical conflicts. Find out how you can prepare your crisis management for cyber risks.

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Regulation as well as society puts companies under pressure to focus more on sustainable products, investments, and strategies. For companies, addressing the triad “Environment, Social, Governance”, ESG for short, is becoming increasingly important. At the same time, risks of non-compliance with laws and regulations are emerging which could result in ESG fraud occurring in various forms, including greenwashing or unintentional misrepresentations.

Our experts are supporting companies to investigate ESG fraud cases and help to address ESG fraud risks proactively.

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Cybercrime has emerged as the most prevalent type of economic crime in the past two years. This trend is contributing to an increase in fraud cases within the supply chain. Our survey shows: one out of eight companies experienced new fraudulent activities in their supply chain context as a result of disruptions caused by COVID-19. Additionally, one out of five companies perceived an elevated fraud risk due to the pandemic. However, only 19 percent of the surveyed German companies have allocated resources to manage supply chain risks.

Learn more about supply chain fraud.

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Financial institutions face a wide range of different fraud scenarios, with a notable trend being online banking fraud. Perpetrators open bank accounts using stolen or forged documents and exploit the identities of real customers. Alternatively, perpetrators employ techniques such as social engineering or phishing to gain access to bank accounts and initiate fraudulent transactions.

Our anti-fraud professionals help financial institutions to reduce fraud losses.

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The strong growth of digital platforms, e.g., trading platforms and E-commerce, has unleashed a multitude of fraud risks. Our survey highlights that 40 percent of companies encountering fraud in the past two years experienced some form of platform fraud.

Learn more about platform fraud.

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Do you have questions?

Do you have questions? Reach out to our experts!

Forensic Investigation Simulation Tool: Are you able to detect your fraud scenarios?

PwC’s method-driven Forensic Investigation Simulation Tool is an interactive software application that equips companies with practical skills required for conducting internal investigations. Through its real-life scenarios and diverse challenges, this tool provides a comprehensive and immersive learning experience.

Put investigative methods into action by collecting evidence, analyzing data, and making informed decisions using a structured, step-by-step approach. Utilize interactive datasets, financial information, documents, and analysis tools to build practical skills in applying investigative methods that align with your individual needs and industry standards.

Learn more

More insights on fraud and economic crime topics

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Anita Kim-Reinartz

Anita Kim-Reinartz

Partner, Leader Forensic Services, PwC Germany

Tel: +49 160 94412272