New Zealand

Details

  • Service: Advisory, Forensic, Risk Consulting, Risk & Compliance
  • Type: Business and industry issue
  • Date: 7/09/2011

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Fraud barometer - June 2011 

KPMG Fraud barometer findings - June 2011

 

  • Value of large fraud cases totalled $79.8m, as opposed to $100m last period.
  • 29 cases in total, as opposed to 30 in the last period.
  • There were 3 ‘super-frauds' - frauds greater than $3m.
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      The first super-fraud was for $39.6m and involved a direct debit kiting scheme.
       
                  The second super-fraud was for $14.5m and involved directors of a finance company using investor funds for their personal benefit.
                     
                              The third super-fraud was just short of $9m and involved fraudulent loans whereby customers were the ultimate victims.

                             

                            About the Fraud Barometer

                             

                            This is the fifth edition of the Fraud Barometer and seventh period of data to be released in New Zealand.

                             

                            The Barometer is released semi-annually, and this release is for the six months to June 2011. It also includes some analysis of the full 3 years of the Barometer to date, with a recently added category related to gender.

                             

                            Fraud Barometer methodology

                             

                            The objective of the Fraud Barometer is to monitor (primarily through media) the level of reported frauds coming before the criminal courts in New Zealand, and to provide commentary surrounding the types of victim, the types of perpetrator and their gender, and the types
                            of fraud occurring.

                             

                            In order for a case to be included in the  Barometer, the fraud must exceed $100,000 (usually referred to as a ‘large fraud’), and the individuals must at least have been charged.

                             

                            There is no change in methodology from the last Barometer – i.e. cases over $100K, in New Zealand, before the courts.

                             
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