In their Trends and Issues paper, 'Red Flags of Fraud', Grabosky and Duffield (2001) identified a number of warning signals for fraud, or anomalies. While the existence of anomalies is not always indicative of criminality, they do signify heightened risks that should be investigated further. Drawing upon data collected for the Australian Institute of Criminology and PricewaterhouseCooper's study, Serious Fraud in Australia and New Zealand (2003), this paper identifies those circumstances or anomalies that were present in the cases of serious fraud examined. Understanding these factors will help those at risk of fraud victimisation to take action to prevent financial crimes from being perpetrated or to detect instances that have already begun at the earliest available opportunity.