Business News - Report: Corporate crime up in Canada

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Report: Corporate crime up in Canada

TORONTO (UPI) -- The economic recession has led to an upswing in corporate crime in Canada in the past year, a report released by an advisory firm in Toronto said Thursday.

The PricewaterhouseCoopers Investigations & Forensic Services' Global Economic Crime Survey said reported corporate crime affected 56 percent of companies, up 10 percent from 2003.

Of the crimes, 83 percent involved theft of tangible assets through fraudulent means, the report said.

Among Canadian companies, 24 percent estimated their fraud-related losses to be more than $500,000 in the past year and 59 percent of companies said external fraudsters perpetrated the fraud.

Steven Henderson, partner and national leader of the Investigations and Forensic Services practice, said the recession was undoubtedly a factor in the crime increase.

"Companies need to be aware that an economic downturn can lead good people to do bad things -- need comes to the forefront and becomes intermingled with greed and opportunity, creating the perfect storm for fraudulent activity," Henderson said "When corporate survival is the focus, the incentive to commit fraud increases while the focus on fraud detection, prevention and investigation diminishes."

Copyright 2009 by United Press International

This news arrived on: 11/19/2009

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