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Banks, insurers and fintechs spend up to 2.5% of their annual revenues to prevent financial fraud. How efficient are these investments?

Banks, insurers and fintechs spend up to 2.5% of their annual revenues to prevent financial fraud. How efficient are these investments?

Ana Sebov, Director, Forensic Leader PwC Romania

Financial services companies (banks, insurers, fintechs and other institutions) spend between 1.3% and 2.5% of their annual revenues to prevent financial fraud, according to an analysis by PwC based on LexisNexis data. Moreover, from 2015 to 2021, global compliance costs increased by 64% to $ 227 billion.

For more information, please see the Romanian version of the article, here.

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PRICEWATERHOUSECOOPERS SERVICII SRL