Toughest to spot an Asian Fraudster

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Research conducted by KPMG member firms is based on 348 actual fraud investigations in 69 countries across Europe, Middle East, and Africa region. In India, 88% of frauds are not communicated. Enforcement action taken in one-quarter of cases and disciplinary action occurred in 25% of cases and resignation/ voluntary retirement in 19%. Size of the crime (average loss): Asia

Red Flag Warning Signs are:

Frequently the use of good management review procedures, sometimes coupled with data analytics techniques can help identify potential anomalous transactions or suspicious activity. It is interesting to note that formal whistleblower reports and anonymous tip-offs accounted for 24% of detected frauds, whilst a further 8% were identified due to customer or supplier complaints and 6% due to issues raised by third parties such as banks, tax authorities and regulators etc.