-104.jpg)
Business Fraud up 22% to $8.2million
According to the latest Kroll Global Fraud Report the average company loss to fraud has increased by 22%.
The report shows that companies lost an average of $8.2million to fraud over the past 3 years; an increase on 2007 figures which put losses at $7.6million.
Identity theft id the fastest growing type of fraud, accounting for 27% of losses, with regulatory and compliance breaches also increasing; up 5% to account for 22% of all losses.
The increase in business fraud will no doubt be blamed on the current economic climate, and this is supported by the construction and natural resources industries suffering the most incidents of fraud.
Perhaps also reflecting the recent woes in the holiday industry, the travel, leisure and transport sector reported the highest increase in regulatory and compliance breaches.
Of the ten categories that have been tracked in the survey, only money laundering and procurement fraud saw a decline in reported fraud; although the figures put the decline at 1% each.
Blake Coppotelli, Senior Managing Director at Kroll’s Business Intelligence & Investigations division said: “The findings show that fraud is not only widespread, but also growing and we expect to see this increase further as conditions become tougher for business and the full impact of the credit crunch unfolds.”
The full report can be found here.
Print page
