New Zealand

Details

  • Service: Advisory, Forensic
  • Type: Business and industry issue
  • Date: 12/04/2012

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Fraud barometer - December 2011 

KPMG Fraud barometer findings - December 2011

 

  • Value of large fraud cases - defined as over $100,000 - totalled $279.7m, up from $79.8m in the last period.
  • There were 24 cases in total (down from 29 in the last period).
  • Of the 24 cases, five were ‘super-frauds’, being frauds greater than $3.0m.

 

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Overwhelmingly, this period has been dominated by super-frauds being brought before the New Zealand courts. 

 

Two of these frauds topped $100m and were carried out against financial institutions. 

 

The focus on restoring the confidence of investors in our financial markets by the SFO and the FMA is reflected in the level of prosecutions in this sector.  This trend will continue into 2012 and 2013.

 

About the Fraud Barometer

 

This is the sixth edition of the Fraud Barometer and eighth period of data to be

released in New Zealand. 

 

The Barometer is released semi-annually, and this release is for the six months to December 2011. It also includes some analysis of the full four years of the Barometer to date.

 

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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