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Do you know how much your organisation loses to fraud?
Do you have the internal processes and controls in place to prevent and detect fraud?
Do you know who the typical fraudster is?
We've been tracking fraud in Australia for the last 20 years. We look at the typical fraudster and fraud before the courts in Australia. Let's look at what happened over the last 6 months. We've done a review of fraud before the courts and there has been as a worrying rise in investor and insurance fraud.
Our Fraud Barometer had three key findings:
Rogue financial advisors offering unrealistic returns are often to blame. I guess the old adage remains “If it sounds too good to be true, then it probably is”.
The Barometer also shows that number of cases has dropped from 67 to 50 in the last 6 months; however the average value of fraud is dangerously close to $2 million.
So who is committing this fraud?
The Barometer shows that in most cases it is management. Fraud perpetrated by management is on average $3.4 million compared to non-management who stole $1.5 million. In fact our research over many years shows that management fraud averages three times the value of non-management fraud.
We have also done a survey providing a global view of the fraudster.
Your typical fraudster is usually male, 36 to 45 years old, defrauds own employer, works in the finance function in a senior management position.
The research shows that they are moving up the ladder. They are often in the CEO of MD's office. We have seen fraud in CEO and MDs' offices rose from 11 percent to 26 percent in four years. In many cases Board members commit nearly one fifth of the value of fraud.
So the message is simple and consistent.
Again the message overseas is the same here – the controls are not good enough and are not working.
So what should you do: what you need is a high quality fraud risk management program which will help prevent and detect fraud, and in the process save your business millions of dollars.
KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.
KPMG International Cooperative ("KPMG International") is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.