KPMG's Fraud Barometer examines fraud cases brought before Australian courts between October 2015 and March 2016, and shows a large rise in the value of frauds being committed in Australia. For the period, 116 frauds occurred, with a value of $381.1 million – an average value per fraud of $3.3 million. This compares with 91 frauds with a value of $128.4 million, at an average value per fraud of $1.4 million, for the previous 6-month period.
Gary Gill, Head of Forensic at KPMG Australia, said:
“Cyber-crime continues to rise. We are seeing an alarming increase in the number of forged 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.
“We are finding that clients under-estimate the threat from the malicious insider when it comes to cyber-crime, and as a result they are not paying sufficient attention to the basics. Identity and access control is often weak, and organisations often don’t understand where their critical IP assets are located and who in the organisation has access to them.”