This report argues that fraud has continued to rise in both Australia and New Zealand despite enhanced risk mitigation procedures.
$373 million stolen over the past two years. The average value of fraud loss is now more than $3 million.
47 percent of respondents believe major frauds occurring due to deficient internal controls. However, strong internal controls and risk management uncovered the culprits.
Typical fraudster tends to be male, men are three times more likely to commit a fraud than women, greed and personal financial pressure are the most common motivators.
Collusive fraud is growing, particularly collusion between employees and external parties, with technology advances and the increasing use of social media likely to result in more collusion.
Australian and New Zealand organisations are increasingly exposed to tougher anti-bribery and corruption regimes in the countries in which they do business. However, they are often ill-equipped to deal with bribery and corruption.