Fraud is a global scourge that harms corporate reputations, costs millions and ruins lives. We know it is a heavy economic and moral burden on society, but do we know who the typical fraudster is? Are there defining traits, features, or behaviors that could help you to identify individuals within your organization who may be more likely to perpetrate fraud? How are they committing the frauds, and with whom? And, perhaps most importantly, are there ways we can use this information to combat fraud? KPMG has just released a new study Global profiles of the fraudster: Technology enables and weak controls fuel the fraud, that explores these questions and more.
Technology was found to be a significant enabler for the fraudsters investigated (24 percent); by contrast, the survey reveals that technology is likely not being used enough to prevent or detect fraud. For example, it showed proactive analytics plays an astonishingly minor role in combatting fraud, with only 3 percent of the fraudsters being detected in this manner.
Weak internal controls remains a major contributing factor for the frauds, up from 54 percent in 2013 to 61 percent in the recent survey.
Learn more about potential fraudsters, identifying fraud ‘red flags’, and how to implement more effective measures to manage the prevention and detection of fraud by visiting our Profiles of the fraudster Web site.
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