Given the high cost of fraud to public and private sector organisations, it is imperative to bring some clarity to a problem that tends to flourish in business cultures with poor transparency.
Profiling the victims, villains and heroes of fraud, our biennial survey report provides Australian and New Zealand businesses with an opportunity to understand the impact of fraud and how it takes root in organisations that are not prepared to battle it.
- $373 million stolen over the past 2 years. The average value of fraud loss is now more than $3 million.
- 47 percent of respondents believe major frauds occur due to deficient internal controls. Strong internal controls and risk management uncovered the culprits.
- Men are three times more likely to commit a fraud. Greed and personal financial pressure are the most common motivators.
- Collusive fraud is growing, particularly between employees and external parties. Technology advances and increasing use of social media are likely to result in more collusion.
- Australian and New Zealand organisations are increasingly exposed to tougher anti-bribery and corruption regimes in countries in which they do business. However, they are often ill-equipped to deal with it.