Australia

Fighting fraud 

Increasingly sophisticated fraudsters are costing Australia millions of dollars every year. Underinvestment in fraud prevention and detection accentuates the problem. 

It is time for business and government to fight back.
Fighting fraud

Gary Gill

Gary Gill

Partner in Charge, Forensic

+61 2 9335 7312

 

Forensic contacts

Contact KPMG Forensic's professionals for more information.

Whistleblower reporting service - FairCall

FairCall fraud reporting service
Taking a proactive stance against fraud, corruption and misconduct.

Research into fraud paints a disturbing picture.

 

  • Complacency and denial are alive and well. Despite the millions lost to fraud, only 20 percent of respondents to KPMG's latest fraud survey for Australia and New Zealand thought fraud was a problem for their own organisations.
  • According to the same survey, $345 million had been stolen by fraudsters during the previous 2 years.
  • Average fraud losses exceeded $3 million per respondent entity.
  • Respondents believed they were detecting only a third of their actual fraud losses. Thirty-eight percent admitted ignoring warning signs of fraud.
  • The typical fraudster worked for the organisation he/she stole from.

 

Tip of the iceberg

Make no mistake, reported fraud is merely the tip of the iceberg. Much fraud goes undetected and unreported, although the losses from it are all too real. An encounter with the fraud iceberg can badly damage an organisation, even sink it.

 

No organisation is immune from the threat of fraud. In some sectors such as banking and finance fraud has become endemic. Yet many organisations continue to resist the adoption of measures that have been proven to enhance fraud prevention and detection.

 

How we can help

KPMG Forensic is a leading provider of fraud prevention, detection and investigation services.

 

Video: Meet our KPMG Forensic team

Meet the KPMG Forensic team
KPMG Forensic leaders discuss opportunities and challenges of the fast-growing ASPAC region, and how KPMG’s forensic accounting services can help.

Forensic

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

Fraud Risk Management

KPMG's Fraud Risk Management team helps clients achieve their fraud prevention and mitigation objectives.