17 October 2007 | Antony Barton
Bribery is the fastest growing form of fraud in the UK, according to new research.
A fraud report issued yesterday by PricewaterhouseCoopers (PWC) revealed nearly twice as many UK organisations had reported this type of fraud compared with two years ago.
It also found 10 per cent of respondents said they had lost a business opportunity to a competitor who had paid a bribe.
The report suggests the need for better fraud detection when sourcing overseas, with 49 per cent of UK fraud cases involving a foreign party.
Despite the increase in corruption and bribery, it is only the fourth most common form of fraud in the UK, accounting for 28 per cent of economic crime. Asset misappropriation is top while accounting fraud and intellectual property infringement come second and third.
The report shows companies appear to underestimate their chances of becoming fraud victims. Although the survey reveals 48 per cent of UK companies suffer economic crime, only 17 per cent believe they are "quite" or "very likely" to be subject to it over the next two years.
PWC publishes the Global Economic Survey and its accompanying UK report every two years. In the UK, 302 organisations were interviewed, with 56 per cent of those listed on the Stock Exchange in the UK or elsewhere.