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Yet again it has been revealed that Australia’s fraud situation continues to go from bad to worse, this time following a report from KPMG, based on their latest fraud barometer.
The report compares the frequency of fraud and the financial damage it has caused over a period of six months to March of this year, to that of the previous six months, showing that there were 116 instances amounting to $381.1 million compared to 91 counts amounting to $128.4 million. That’s an average rip-off of $3.3 million in comparison to $1.4 million previously.
The head of Forensics at KPMG Australia, Gary Gill confirms, “Cyber-crime continues to rise […] We are seeing an alarming increase in the number of spoofed emails, which are often addressed to senior finance personnel, purportedly from someone in the C suite, with instructions to transfer large sums of money into bank accounts.”
KPMG’s latest findings also reveal that the most common perpetrators are those working from within the companies in question – fraud attributed to management roles cost more than double that of non-management employees, averaging $5.7 million per case.
But now for the crème de la crème; the global average proportion of women involved in fraud is 17%, with fraud committed by men sitting at 83%. However, in Australia, the proportions are very different, with women holding 39% of the share – a 26% increase on the previous year.
Unfortunately, there is little information available to give any suggestion as to why so many more Australian women are taking to crime, compared to other countries around the world but, given KPMG’s vast global reach, impressive networking and detailed reporting, we’re sure to have more information on the subject as time goes on.
For now, business owners will have to make do with Australia’s most vital form of defence: professional private investigation services. To this day, the only industry capable of providing clients with effective preventative measures is that of private investigations. Employing the expertise of trained, qualified and dually experienced investigators is a sure-fire way to minimise your risks of becoming another fraud statistic, and further reducing the chances of malpractice, misconduct, pilfering and more, from damaging your company.
Call Precise Investigation today on 1300 856 011 for a professional private investigation service.
Precise Investigation has professional operatives stationed across the country, available twenty-four hours a day, seven days a week, to assist any domestic, commercial or government clients in overcoming their greatest concerns. With offices in Melbourne, Sydney, Perth, Hobart, Adelaide and Brisbane, our agents have unprecedented access to every corner of Australia. Furthermore, given our three decades’ experience in the field, Precise Investigation is sure to help you and your company stay protected against the likes of fraud and a wide range of other injustices.