Vendor fraud isn’t new, but it’s becoming more sophisticated and successful. In recent incidents, fraudsters combined cyber and financial crime techniques to hijack, impersonate or manipulate their victims for personal gain. Data from PwC’s 2022 Global Economic Crime Survey shows that cybercrime was the most common and the most disruptive crime experienced by organizations over the past two years regardless of industry or revenue.
Special purpose acquisition companies (SPACs) made history last year, with over 600 SPACs raising more than US$145 billion in initial public offerings (IPOs). Over the past few years, SPACs have become a more popular method for private companies who want to go public fast by expediting the traditional IPO process, providing access to additional capital and reducing transaction costs.