Our 6-monthly analysis of reported frauds before Australian criminal courts to December 2010, shows that despite the warnings, organisations are still falling victim to fraud.
- The average size of a large fraud was $1.7 million.
- While there were no high profile ‘supercases’, there was a steady stream of large frauds between $1 million and $10 million, many of them bearing the hallmarks of the types of internal frauds that often go undetected for long periods.
- An increasing number of cases of deception, where people are conned into handing over money, often through investment scams that are fleecing unsophisticated investors.
- As in previous periods, the value of frauds in the Financial Services sector for the period exceeded other sectors.
- Government organisations suffered a range of frauds – mostly by external parties.
KPMG's Fraud Barometer monitors the level of reported major frauds coming before the criminal courts in Australia.
The Fraud Barometer is released at 6-monthly intervals, providing up-to-date information on fraud patterns in Australia.
To be included in the Fraud Barometer, frauds must exceed $100,000.