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Fraud Accounted for Record 3.5 Billion Loss in 2011

KPMG’s Fraud Barometer shows APS2.5 billion worth of fraud was recorded in the second half of the year alone. The figure was partly boosted by five large fraud cases of more than APS50 million coming to court. The financial sector was the main target of fraud, with 59 cases recording a total of APS1.5billion. Fraud by management accounted for 57 cases, a cost increase of 74 percent, the report said. The report alluded to UBS rogue trader, Kweku Adoboli, which has not yet come to court.”]

Source: https://www.csoonline.com/article/2130787/fraud-accounted-for-record—163-3-5-billion-loss-in-2011.html

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