Procurement Fraud: A Rising Threat for Indian Businesses

A recent PwC survey reveals procurement fraud as the leading concern among Indian businesses, with 59% reporting economic fraud in the past 24 months. This is significantly higher than the global average. Indian companies are increasingly using data analytics to combat this growing threat.

A recent PwC survey highlights procurement fraud as a leading concern among Indian businesses in the past 24 months, with 59% reporting incidents of economic fraud, much higher than the global 41% average.

Puneet Garkhel from PwC India underscores the widespread impact of procurement fraud, which involves manipulating procurement processes for financial gain.

To combat this trend, Indian companies are adopting data analytics tools, yet only 37% use real-time payment monitoring systems.

(With inputs from agencies.)