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Luxembourg with its banks, financial services companies and data centres is a prime target for financial criminals whose reported priorities are asset misappropriation, followed by cybercrime and money laundering. Nearly half of the 7,200 companies participating in PwC’s 2018 Global Economic Crime and Fraud Survey self-reported as having been victims of economic crime. Luxembourg companies, despite continuing to build their defenses, continue to report a 42% crime rate since the 2016 survey.
Gregory Coleman, ex-FBI agent and cybercrime expert, suspects that the number is being under reported to safeguard reputational damage as many companies are not aware of fraud risks they face and are not prepared on how to handle them. When it comes to screening and meeting...
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