Every year in Australia, instances of fraud cost businesses hundreds of thousands of dollars, and these are only the ones we know about.
Fraud doesn’t just happen on a large scale. Fraud cases can be minor in isolation, but have a surprisingly large impact on your business’ finances if left unresolved over time.
Key fraud findings
A recent report by auditors MGI indicated 47 per cent of Australian organisations experienced in excess of 10 fraud incidents in the past 24 months.
51% of all corporate frauds that occurred in 2015 were committed by internal fraudsters.
MGI Audit Manager Stephen Greene said it was concerning that economic crimes in Australia continued to increase and is higher than the global average.
“In the last 12 months we have seen clients uncover incidences of accounting fraud, fraud by trusted people within senior management and external fraud,” Stephen said.
“In some of these instances the fraud went undetected for multiple years and accumulated to a significant cost to the business,” he said.
What can businesses do to protect against fraud?
The good news is that there are certain strategies that businesses can adopt to reduce the likelihood of fraud going unnoticed within their business.
MGI has released a report that analyses specific cases of fraud in 2015 and provides key strategies that can implemented by businesses to deter and detect similar fraud situations.
To download the full MGI report click here.