Eye on India: India and the corruption menace

Organisations are increasingly using digital technology to change the way they do business. Increased connectivity means a heightened exposure to fraud, corruption and other risks. EY, in its biennial global fraud survey of 2,550 companies across 55 countries attempted to gauge fraud across businesses. The findings are interesting to say the least.

The survey found that there has been, in fact, no reduction in fraud and corruption over the last two years with most companies claiming that dishonest practices actually help in the survival of business. When it comes to India, 40 percent of the 50 companies interviewed admitted to paying a bribe for business. In fact, India ranked 17th among 55 countries surveyed where bribery is used to win contracts.