This report argues that fraud has continued to rise in both Australia and New Zealand despite enhanced risk mitigation procedures.

Key findings:

• $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.