News that a Seven Network senior manager has admitted to falsifying invoices is a timely reminder for all businesses of the prevalence of business fraud.
While the amount of the alleged fraud hasn’t been quantified the Seven Network has revealed that the uncovered payments go back over a number of years.
MGI Audit Manager Stephen Greene said fraud is a real risk for any business from large corporations like Seven Network to SME businesses.
“Every year in Australia instances of fraud cost businesses hundreds of thousands of dollars and these are only the ones we know about,” Stephen said.
“47% of Australian organisations experienced in excess of 10 fraud incidents in the last 24 months according to the latest reports,” he said.
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.