[adning id=”12070″]

[adning id=”12070″]

Over one-third of Australian companies: recent fraud victims

Detecting and preventing fraud: time to raise your game

Over one-third of Australian companies have been hit by a fraud in the past two years. Almost one in five have been asked to pay a bribe.

Tackling the threat of fraud isn’t a one-off exercise but an ongoing battle, particularly in light of the significant disturbances to business processes, controls and working conditions due to the COVID-19 pandemic. And our latest Global Economic Crime and Fraud Survey shows it’s a fight where Australia is lagging the rest of the world in many respects – including areas like using advanced technologies to detect and prevent fraud, and conducting post-incident investigations to learn lessons and prevent future breaches.

The message? Australian organisations have an opportunity – and a growing need – to raise their game in the battle against fraud. This report picks out the key findings for Australian companies from our 2020 global survey, and maps out some optimal steps in response.

  • 35% of Australian respondents experienced a fraud in the past 24 months

  • 63% of respondents in Australia don’t carry out a formal risk assessment for fraud, against 48% globally

  • 40% of Australian respondents reported losing more than AU$1.4m in the last 24 months, 22% reported to have lost more than AU$7.1m to incidents of fraud and corruption

  • Only 38% of Australian companies conducted a post-fraud investigation, against 56% globally

     

    By PwC’s Global Economic Crime and Fraud Survey 2020
Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on email
Email
Share on print
Print

Leave a Comment

Your email address will not be published. Required fields are marked *

SUBSCRIBE FREE
SME NEWS BRIEFS

Get breaking news delivered
  • This field is for validation purposes and should be left unchanged.

RECEIVE GOVT GRANT OF $10K to $250K*.

Austrade Approved Business Events
AVAILABLE NOW APPLY BEFORE 30th MARCH 2021 (Condition apply)

  • ABF Events are approved and listed below have been certified by Austrade on the Schedule of Approved Business Events.
  • This allows exhibitors, sponsors, delegates and partners to participate in the Business Events Grant Program. Note event bookings need to be confirmed ASAP to participate in the grant program
  • The program provides 50% rebate (based on a minimum spend of $20k) for approved items including ABF event-media packages, exhibition stands, corporate function tables, delegate registrations.
  • Govt Grant applications are now open until the 30 March. Please contact ABF to discuss how we can assist, we have experts to assist grant applications.
  • Grant funding will cover up to 50% of eligible expenditure incurred in participating at pre-approved business-to-business events as buyers or sellers during the 2021 calendar year.  All grant applications must be submitted for approval via the following link: https://business.gov.au/grants-and-programs/business-events-grants
  • For further information please see this fact sheet.