Chamber to measure impact of economic crime

| 09/06/2010

(CNS):  In 2006 the Cayman Islands Chamber of Commerce Economic Crime Survey found that businesses lost an estimated $20 million as a result of fraud and other economic crime and had spent another $40M in trying to prevent it. Four years on the Chamber is launching a new survey to find out how much this type of crime is costing commerce today. The report is also expected to show what progress has been made in tackling this type of crime and highlight any new trends or concerns that the business community should be aware of.

Each member business will be sent the survey via email on Thursday, 10 June and is asked to respond by 16 July. Data will be gathered and compiled by Krys & Associates and then distributed for use by the RCIP, policy makers and Chamber members.
Stuart Bostock, President of the Chamber of Commerce explained how the results can assist business and inform public policy decisions.
“In order to understand one’s risk during difficult economic times, one must truly understand one’s weaknesses and losses.  Not only is it important to understand internal losses but equally important is gaining an understanding of the losses being experienced by the individuals and the business community in which you live and operate,” Bostock said.
“In a true free-market society, the strong survive by being innovative and adaptive and by utilizing the various business tools at their disposal. From this, a stronger, better-positioned corporation will emerge.  The Economic Crime Survey will give all readers an insight into the thoughts and concerns of local businesses owners and how this type of crime is affecting sales, operations, and profits.”
The president said the survey would provide a tool to help local businesses better protect themselves against the same types of threats that many other countries deal with.
“This is not a problem unique to us. We must never lose sight that doing business in the Cayman Islands is still a very viable and prosperous proposition,” he added.
Kenneth Krys, Founder and CEO of Krys & Associates said hewas pleased to be able to work with the Chamber again on the project.
“Although the focus in Cayman in recent months has turned primarily to violent and other traditional forms of crime, economic crime is still highly relevant during the current recession due to the potential magnitude of losses, the significance of any loss to a business whose profit margins are thin or non-existent already, and the likely increased motivation of perpetrators to commit economic crime,” stated Krys asking people to take a few minutes of their time to complete the Survey on behalf of their business.
The survey is made up of 77 questions that can be broken down into the following categories: 37 Economic Questions, 11 Retail Questions, 16 Physical/Property Questions and 13 Violent Crime Questions.
The term ‘Economic Crime’ is used to describe asset misappropriation, bribery, cheque and credit card fraud, debit card fraud, corruption, cyber crime, identity theft (individual and corporate),insurance fraud, insolvency fraud, money laundering and theft. The survey aims to discover just how prevalent each of the areas of economic crime are really becoming, and to determine what extent they impact business.
Anyone interested in finding out more about the 2006 Economic Crime Report or any other Fraud Prevention tools compiled by the Chamber of Commerce please go online to
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  1. Anonymous says:

    It might be harder to measure but given what is happening in our community, perhaps the Chamber should also look at the cost of violent crime. Maybe, just maybe, that might prompt the government to bring in the legislation we need.