Australia

Details

  • Service: Advisory, Risk Consulting, Forensic, Internal Audit, Risk & Control Services, Topics, Fighting Fraud
  • Industry: Financial Services, Insurance
  • Type: Benchmarking study
  • Date: 1/05/2012

Fraud Barometer

KPMG Fraud Barometer
The Fraud Barometer is a bi-annual publication which monitors and examines the incidence of large frauds before the criminal courts in Australia.

Fraud Barometer: December 2011 readings 

KPMG’s Fraud Barometer suggests many organisations remain vulnerable to fraud, with losses exceeding $1 billion over the past 4 years. As part of the 4-year anniversary of the Fraud Barometer, we have analysed the trends in frauds over the past 4 years as well as our regular 6-monthly analysis.  
Fraud Barometer: December 2011 cover
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The impact of fraud post the GFC is apparent, and the increasing value of frauds in Australia in the latest survey period to December 2011 is probably related to the current economic uncertainty.

 

 

Key insights

  • Over the last 4 years there were 546 cases of fraud, totalling more than $1 billion.
  • Unsurprisingly, fraudsters follow the money trail to the financial services sector with major banks the most common victims of fraud, followed by insurance companies, credit unions/building societies and other lenders.
  • 80 percent of frauds against commercial businesses recorded by the Barometer indicated are committed by rank-and-file employees or managers.
  • Gambling is often cited as an important motivator of fraud.

 

 

The Fraud Barometer analyses fraud before the courts with a loss over $100,000.

 

Fighting fraud

Fighting Fraud
Research and insight into the economic loss of fraud, who is committing fraud, how it is done and most importantly how to fight and prevent it.

Forensic

KPMG’s forensic accounting services help prevent and detect fraud, misconduct, breaches of rules and regulations, and prevent and resolve disputes.