Over half of Canadian firms have experienced fraud in past 24 months

According to a report from PwC, approximately 55% of Canadian companies have experienced fraud within the past two years compared to the 37% recorded in 2016.

In this sense, the Global Economic Crime and Fraud Survey shows that fraud is on the rise in Canada, largely driven by technological advancements, the evolution of digital fraud, and the lack of regulatory provisions in place.

See also:

• Canadian federal government to invest up to $1bn in cybersecurity

• Over half of Canadian firms witnessed cybersecurity incidents in 2016

• Blackberry finds cybersecurity to be top concern in corporate IoT

Within this, cybercrime was cited as the most disruptive type of fraud, followed by asset misappropriation, fraud committed by the consumer and business misconduct.

The report also reveals that Canadian firms are lagging behind when using disruptive technologies, with only 12% of respondents having stated that they intend to use artificial intelligence (AI) throughout the next 12 months.

In the aim of combatting fraud, the report suggests that companies need to be better prepare themselves: “With a greater understanding of the present threats that face us, we have an even greater opportunity to prepare for events and respond with resilience.”

“By taking a centralized approach to the prevention and detection of fraud and economic crime, and putting the right culture, training, fraud policies and technology in place, Canadian organizations will be well-positioned to defend themselves against instances of economic crime and emerge even stronger.”

For more information, see the full Global Economic Crime and Fraud Survey from PwC.