KPMG’s latest six-monthly Fraud Barometer shows a large rise in the value of frauds being committed in Australia.
For the period September 2015 to March 2016, 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: “This edition of the Fraud Barometer coincides with the release of KPMG’s Global report Profiles of the Fraudster. This enables us to compare how Australian frauds compare with international experience – and, interestingly, Australian fraudsters tend to be younger and more gender-diverse than overseas.”
Key findings include the following:
Gary Gill added:
“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.”
“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.”
Some of the larger and more interesting Australian frauds, all of which involved male perpetrators, include:
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