The week 3 to 9 November 2013 is dedicated to fraud awareness, identification and prevention. PwC Cyprus joins forces with the Association of Certified Fraud Examiners (ACFE), the world's largest anti-fraud organisation and premier provider of anti-fraud training and education, for the yearly international campaign also known as “Fraud Week.”
Utilising its expertise in the area of risk assurance consulting, PwC engaged in a series of activities which aim at raising awareness, preventing and managing incidents of economic crime in an effort to promote the goals of the fraud awareness campaign.
On Monday, 11 November, the organisation in collaboration with the Cyprus Police will organise for the first time, a conference focusing on the prevention and fight against economic crime while particular emphasis will be placed on cybercrime.
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According to Police records, a total of 955 economic crime incidents were recorded in Cyprus during 2012. The highest percentage of these crimes, relate to offences of forgery followed by false representation and crimes of fraud.
PwC focuses efforts on prevention, raising awareness and encouraging business leaders and the general public to take measures for minimizing the impact of the fraud. Some basic steps that any organisation can and should take to help combat fraud include identifying and managing operational risks, raising awareness and establishing a fraud policy that includes measures for addressing fraud incidents.
Preventative measures also include dealing with trustworthy companies and individuals, aligning IT, Internal Audit and Board in the fight against economic crime, conducting regular fraud risk assessments and effectively managing risks. Key cybercrime prevention measures include promoting a cyber risk-aware culture and implementing a cyber crisis response plan.
According to Christos Tsolakis, Risk Assurance Consulting Partner at PwC “Organisations must evaluate their internal procedures, identify vulnerabilities and implement controls which prevent economic crime incidents. Prevention is a good practice that also encourages employees to follow ethical standards and business ethics.”
For more information about increasing awareness and reducing the risk of fraud during International Fraud Awareness Week, visit FraudWeek.com. In addition, PwC's sixth Global economic crime survey provides an in depth analysis of the causes and effects of fraud worldwide. The report is available on www.pwc.com/crimesurvey. The new Global economic crime survey, which will include interviews with Cypriot executives, is expected to be launched in February 2014.