PwC: 32% of fraud in Malaysian businesses committed by senior management

Fraudsters are using well-made fakes of Apple invoices to try to get personal data from iTunes, App Store and Apple Music customers. — dpa

KUALA LUMPUR: A survey has found that 32% of frauds suffered by Malaysian businesses were committed by their own senior management, compared with 24% globally.

The Malaysian cut of the PwC Global Economic Crime and Fraud Survey 2018 also revealed that 69% of fraud in local businesses were committed by employees within the organisation.

“These were among the key findings for Malaysia and it is a worrying trend.

“If leaders of the organisation don’t set the right tone, it sends the message that acts such as bribery and corruption are acceptable,” said PwC Malaysia’s Managing Partner Sridharan Nair said during the launch of the survey on Wednesday.

He told a press conference that 41% of the survey’s respondents, which were a combination of listed, public and private companies, reported that they had suffered fraud or economic crime during the survey period, an increase from 28% in 2016.