The new controls playbook against cyber enabled vendor fraud

A vector image of a burglar standing behind a large laptop computer. On the keyboard, a man in a business suit stands with a sword in one hand and a shield in the other. Behind him to the right are images of files and identification cards, symbolizing private data he is protecting from the robber.

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.

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