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Increase in Australian business fraud

Posted on Feb 27, 2013 by CFL Financial

Australian businesses have lost $373 million dollars due to major fraud in the past 2 years, a three-fold increase in the past 15 years, yet are lagging behind addressing fraudulent behaviour as a serious issue.

There has also been an 82% increase in individual cases of fraud exceeding $1 million, with the finance sector hit the worst, according to an Australia wide survey on fraud conducted by KPMG.

Despite evidence of its continuing problem, only 15% saw fraud as a key risk in their business.

Those most likely to commit fraud tend to have been with the company for a long time, with 91% having a known history of fraud and 82% earning close to $100,000.

The survey also addressed the time it takes fraud to be detected, with an average of 665 days passing before an incident is reported or identified by a business.

The most common fraud methods, according to the survey, included false invoicing, theft of cash and fraudulent tendering. But technology is also playing a bigger part in fraud cases as hackers become more adept at cyber attacking company networks.

1. Australian businesses have lost $373 million dollars due to major fraud in the past 2 years, a three-fold increase in the past 15 years, yet are lagging behind addressing fraudulent behaviour as a serious issue.

There has also been a 82% increase in individual cases of fraud exceeding $1million, with the finance sector hit the worst, according to a Australia wide survey on fraud conducted by KPMG.

Despite evidence of its continuing problem, only 15% saw fraud as a key risk in their business.

Those most likely to commit fraud tended to have been with the company for a long time, with 91% having a known history of fraud and 82% earning close to $100,000.

The survey also addressed the time it takes fraud to be detected, with an average of 665 days passing before an incident is reported or identified by a business.

The most common fraud methods, according to the survey, include false invoicing, theft of cash and fraudulent tendering. But technology is also playing a bigger part in fraud cases as hackers become more adept at cyber attacking company networks.

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Retirement-in style

Retire in style checklist™

There are a few reasons why Business Owners need a Retire In Style Checklist

If you’re a successful and Motivated business owner, and want to set yourself up for retirement, this guide would be perfect for you. My clients who follow these 3 simple steps live with comfort, security and the peace of mind that financial success brings.

Retirement-prosperity-thumbnail

The Retirement Prosperity Guide™

Make sure you don’t miss out on the Retirement Prosperity Guide

If you’re a busy Professional and you feel like you’re not building your wealth fast enough and you want smarter ways to utilise your cash flow, this guide is perfect for you. Clients who have used our strategies have the peace-of-mind knowing they have a ‘game plan’ for financial abundance.

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Phone: 07 3328 8988
Fax: 07 3328 8999

Office Location:
Level 15, 10 Market Street,
Brisbane,
QLD 4000

Postal Address:
GPO Box 2468,
Brisbane,
QLD, 4001

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