KPMG’s Fraud Barometer shows a decline in reported fraud in Australia, but concerns remain on government vulnerability, cyber-crime and identify theft. Our infographic report, covering a 12-month period ending September 2017, summarises reported frauds exceeding $50,000 that have been brought before Australian courts.
In the period October 2016 to September 2017, there were 155 frauds reported with a value of $482m – a significant drop from the previous year, which saw 259 frauds worth $823m. Government organisations were a primary target and the total value of reported frauds against this group was higher than any other.
Fraud perpetrated by professional criminals is a growing problem – this was second only to business insiders. Identity theft has risen sharply and while still a relatively small proportion of the overall fraud losses, we can expect this to climb as organised criminals target this area, using technology effectively.