59% of Indian Companies Face Economic Fraud: A Shocking Survey Insight

More and more Indian companies have experienced financial problems and fraud in the last two years, according to a survey by PwC. About 59% of Indian businesses said they faced these issues recently. This is much higher than the global average of 41%.

A specific problem is procurement fraud, which affects 50% of Indian companies. This is 21% more than the global average. In 2022, customer fraud was the biggest worry for 47% of businesses in India. On a worldwide level, 44% of business leaders say cybercrime is their main concern.

The survey also found that 33% of economic crimes involve corruption and bribery. However, 34% of Indian companies did not check their third-party vendors properly. Only 37% of companies keep a close watch on payments to stop any suspicious activities.