A new report from PricewaterhouseCoopers (PwC) has ranked Kenya 2nd in the world in economic crime and fraud beating countries such as Russia and only trailing South Africa.
The Global Economic Crime and Fraud Survey released on February 27 put the economic crime rate in Kenya at 75 percent, with South Africa leading with 77 percent.
France came 3rd with 71 percent, followed by Russia and Uganda who tied at 4th with 66 percent.
Asset misappropriation, procurement fraud, accounting fraud, consumer fraud and cybercrime were the most frequently reported cases across industries.
To compile the report, PwC gathered data from over 7,200 respondents in 123 different territories.
[caption caption="Didier Lavion presenting the report"]
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Didier Lavion, the Principal Survey leader, explained: "In the face of well-publicised corruption and corporate scandals, public expectations around the world are converging around common standards of transparency and accountability."
He further noted that due to advances in technology, fraudsters had become 'more strategic in their goals and more sophisticated in their methods'.
The survey also explored the correlation between economic development and fraud.
In developing countries, respondents told PwC that economic crime was more often committed by internal actors (59 percent). The equivalent figure in developed territories was just 39 percent.
Companies were advised to invest in anti-fraud technologies to avoid getting caught flat-footed.
[caption caption="PwC offices in Westlands, Nairobi"]
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