2020 Global Economic Crime and Fraud Survey - Luxembourg Report

Turn on the news or leaf through a newspaper and chances are you’ll find a story about economic crime or fraud.

Bribery suspected in a building collapse; Medical records and financial data of millions of people hacked; Corporate malfeasance to blame in product failure; Share price plummets as whistleblower alleges fraudulent accounting practices; Bank hit with multiple lawsuits over money laundering scandal. 

Fraud and economic crime rates remain at record highs, impacting more companies in more diverse ways than ever before. Due to its status as a major international financial centre, Luxembourg is particularly vulnerable, and has also seen its share of high-profile economic crime cases in the reporting period. With this in mind, we should consider:

• Are we assessing threats and risks well enough…or are gaps leaving us dangerously exposed? 
• Are the fraud-fighting technologies we have deployed providing the value we expected? 
• When an incident occurs, are we prepared and, most importantly, are we reacting appropriately? 

These are some of the provoking questions that lie at the heart of the findings of this year’s Global Economic Crime & Fraud Survey. With fraud a greater - and more costly - threat than ever, it is essential to assess your readiness, deploy effective fraud-fighting measures and act quickly once it is uncovered.