Fraud and economic crime rates remain at record highs, impacting companies in more ways than ever. 51% of Ukrainian respondents experienced fraud in the past 24 months, up from 48% in 2018. Businesses report that asset misappropriation and procurement fraud are the most disruptive of all the economic crimes in Ukraine.

PwC Ukraine Forensic team is happy to present Ukrainian results of PwC’s biennial Global Economic Crime and Fraud Survey. It contains overall insights from companies who have experienced on average four incidents over the last two years. The Survey also provides insights into the threat, cost of fraud and what companies need to do to develop stronger proactive responses.

The Survey highlights the importance of prevention and how investing in the right skillset and technology can create a sustainable advantage. Unfortunately, Ukrainian results of the Survey showed that every 4th organisation in Ukraine does not have a dedicated risk programme and 22% of Ukrainian respondents had not performed any risk assessment at all in the past two years. Moreover, nearly half of respondents did not conduct any investigations of economic crime or fraud cases at all. Barely one third reported the crime to their board.

Kristin Rivera, PwC Global Forensics Leader noted: “Fraud and economic crime is a never- ending battle. Getting to the root of the problem is key to preventing and dealing with future fraud. Whether it's through technology, new processes, skills and training, or a combination - the result is strengthening business as a whole against crime, which is ultimately good for the consumer too”.

Andriy Tretyak, PwC Ukraine Forensic Leader also commented: “The current Survey clearly highlights that economic crimes and fraud keep posing one the most grave threats impairing viability and performance of organisations in Ukraine and across the Globe. Like a virus, morphing and bending through the ever-changing business and market realities, it pervades across borders and bulworks, industries and processes, paper and digital. And the utmost remedy to it is becoming more and more about instilling, cultivating and embracing proper cultural and attitude shifts in hearts and minds of those at risk and those who fight”.

Learn more: pwc.com/ua/en/gecs.

In case of any questions, please contact PwC Ukraine Forensic team: