Economic Crime in New Zealand
Forty per cent of organisations in New Zealand have experienced economic crime in the past two years since the last Global Economic Crime Survey. This ranks New Zealand 19th out of 115 countries that took part in the survey and places the country slightly above the global average of 36 per cent and below neighbouring Australia (52%).
This year’s report explores behaviours, attitudes and prevalence in three keys areas: cybercrime, ethics and compliance programmes, and anti-money laundering. Asset misappropriation continues to be the most common economic crime reported in New Zealand. This year’s level of 74 per cent is consistent with the last two surveys and shows that despite an increase in cybercrime and procurement fraud in recent years, it remains a top threat for New Zealand organisations.
While organisations need to ensure that they are ready for the growing and increasingly complex threats from cybercrime – now in joint second place as the most reported economic crime – they cannot afford to take their eye off the traditional frauds and thefts.
Economic crime is constantly evolving and becoming a more complex issue for organisations and economies. Organisations that understand how to balance their defences and strategically maintain a plan for growth will be the difference between capitalising on opportunities or falling victim to others.