How to Combat Economic Crime in a Digital Age
As threats evolve, an integrated and proactive framework of countermeasures will help build trust and reduce risk.
As threats evolve, an integrated and proactive framework of countermeasures will help build trust and reduce risk.
Up to $3.5 trillion annually – that's how much financial crime costs the globe. That's over the Gross Domestic Product (GDP) of the United Kingdom. And financial crime takes an individual's toll. People suffer. They lose savings, jobs, and sometimes way more.
The terms' economic crime' and 'financial crime' are used interchangeably, and there are many definitions of economic and financial crime; some supported motive and others on the actors involved.
Some distinguish between internal and external threats and others between the outcomes of the activities. During this article, we specialize in common external breaches against a business that share the common theme of abuse of trust and should or might not result in material impacts on the business results. All may have an immediate effect on accountants, as they engage and advise clients while the latter will additionally concern auditors.
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