Cyber crime rampant
Date: July 09, 2003
THE benefits of a computerised workplace are a mirage, according to a new survey, which found Australian offices were more prone to economic crimes than elsewhere.
According to the first PricewaterhouseCoopers Global Economic Crime Survey 2003, 47 per cent of Australian businesses suffered from economic crime in the past two years.
PWC partner in charge of dispute analysis and investigations Malcolm Shackell said developed countries had a higher incidence for economic crime.
The Australian figure was more than North America (41 per cent) and western Europe (34 per cent).
Every employee in Australia's top 1000 companies had a computer, and the computer was "involved" in 90 per cent of economic crimes investigated by PWC.
"The computer provides both a means to commit a crime as well as a source of evidence," Mr Shackell said.
The most susceptible sectors in Australia included manufacturing and industrial products.
More than 50 per cent of respondents expected fraud to grow within five years and 45 per cent said the risk would be in theft, fraud and cyber crime.
One in six banks worldwide reported uncovering money laundering during the previous two years due to improved control and compliance systems.
Some 45 per cent of companies in Australia that reported fraud were unable to recover their losses.
The survey concluded that the real financial cost of fraud extends beyond the average loss of $US2.2 million ($3.2 million).
Original article: http://www.news.com.au/common/story_page/0,4057,6722458%255E15306,00.html
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