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When a company experiences cybercrime cases, it does not report them for fear of losing customers, its market actions do not fall, or the facts related to corruption and fraud imply One in the business. Why is financial crime gaining strength?
Nearly half of the world's major organizations have been victims of fraud, theft, money laundering or other financial crimes, which translates into losses of 1.45 trillion dollars, or 3.5% of its annual turnover . This is confirmed by the report revealing the actual cost of financial crime prepared by Thomson Reuters.
The survey was conducted with more than 2,300 high-level business leaders from large companies in 19 countries, with the aim of observing the results and determine the extent of this type of crime at the global level.The report shows that 47% of respondents admit that their organization has suffered at least one financial crime incident in last 12 months.
Cybercriminals and fraudsters are referred to by respondents as the most common financial crimes .In addition, companies that participated in the investigation have estimated a cumulative total loss of $ 1.45 trillion, which, as we have already mentioned, accounts for 3.5% of their overall business turnover.
Why Financial Crime S & # 39; flourishes?
The Answers s provided in the Thomson Reuters report reveal that a combination of factors leads to this type of crime, creating an optimal environment for their fulfillment. These factors appear in a context where organizations are under increasing pressure to increase their profits in a global market . For example:
- The interviewed organizations do business with an average of five million customers or consumers each year, and 9% of them have processed more than 10,000 resellers, suppliers or partners in the United States. During the last 12 months
- The problem that appears on the scene is that only 36% of the relationships are constantly reviewed to determine if criminal links are present .
- The investigation suggests that 41% of the parties with whom the respondents did business during the last 12 months were not examined at all .
In addition, 41% of known cases of financial crime are not reported, among other reasons.
- 69% of bribes and corrupt acts detected have to do with someone in the company .
- 55% of private companies are worried about the damage that can be caused. cause the re 60% of listed companies declare that the crime is not reported because there would be a negative impact, that would have a significant result in the Phil Cotter, global head of risks and compliance at Thomson Reuters, said in a Thomson Reuters press release that [traduction] "financial crime causes untold harm worldwide". The products of corruption, corruption, fraud, drug trafficking and other organized crimes have been implicated in the financing of terrorism, human rights violations such as slavery and child labor and environmental crimes. This has significant economic and social costs in terms of lost revenue for the Treasury, which could be invested in social development. "
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