• Type: Survey report
  • Date: 7/22/2014

Singapore Fraud Survey 2014 

Our KPMG Singapore Fraud Survey 2014 provides you an insight to the trends, nature and extent of fraud affecting organisations in Singapore. This is the fourth edition issued by KPMG and the first time it has been undertaken with the support of the Singapore Management University.

The survey features responses from directors and senior executives across a broad range of industries and companies listed on the Singapore Exchange.
Singapore Fraud Survey 2014
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Key findings from the survey:

Fraud affects more than one in four companies in Singapore.

  • 29% of survey respondents cited awareness of at least one fraud incident within their organization over the past two years. This is up from 22% in 2011.

Internal fraud has risen since 2011 and remains the most significant threat.

  • 58% of the fraud incidents reported in 2014 were perpetrated by employees, up from 47% in 2011
  • 17% of the fraud incidents reported in 2014 involved board members and senior company management, unchanged from 2011.

Fraud affects more than one in four companies in Singapore.

  • 53% of respondents said fraud occurred to weak or over-ridden internal controls despite most having fraud risk management measures
  • 59% of respondents felt that employees were well informed of fraud risks, despite 85% saying that fraud and ethics policies were communicated to all staff

Only 20 percent of respondents being completely satisfied with how their organisations were defending against e-crime