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Aussie businesses victims of fraud

KPMG’s Fraud Barometer has revealed that commercial businesses are the most common victims of fraud, with the value of major fraud cases in Australia exceeding $100 million during the first six months of 2009.

The survey, which tracks major fraud cases worth over $100,000 in Australian courts found that managers are most likely to commit major fraud. According to KPMG national head of forensic, Gary Gill, managers are more able to commit major fraud by “using their seniority and trust to bypass systems and controls, often succeeding in misappropriating larger sums than lower level employees.”

The survey also revealed 84 percent of the cases were perpetrated in Queensland, New South Wales and Victoria.

Gill has warned more fraud is likely to be uncovered, and the real impact might not be obvious for another six to twelve months.

“The worry is we will not see the real fraud impact of the crisis for another 6 to 12 months as the effect of downsizing is felt. All signs point to seeing more substantial losses being suffered.”

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