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Fraud Barometer: October 2015 – March 2016

Fraud Barometer: October 2015 – March 2016

KPMG's Fraud Barometer examines fraud cases brought before Australian courts between October 2015 and March 2016, and shows a large rise in the value of frauds being committed in Australia. For the period, 116 frauds occurred, with a value of $381.1 million – an average value per fraud of $3.3 million. This compares with 91 frauds with a value of $128.4 million, at an average value per fraud of $1.4 million, for the previous 6-month period.


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Key findings

  • The most common perpetrators are business ‘insiders’, with frauds attributable to management averaging $5.7m – over double that of non-management employees.
  • Gender diversity among fraudsters is changing – the proportion of frauds committed by women in Australia have increased by 26 percent. Male fraudsters are responsible for 61 percent of the offences, with women now committing 39 percent of the nefarious activity.
  • Over a quarter of the fraudsters were aged below 36 years, which is almost double the proportion identified globally in the global report Profiles of the Fraudster.
  • Investors and government agencies are more susceptible to being fleeced by fraudsters than any other category of victims. Government and investors together were the victims of more than $301m of these frauds.
  • 26 percent of frauds used technology to enable the fraud in the latest Barometer results, including spoofed emails and online identity theft. This compares with 24 percent of fraudsters using technology on a global level.

Gary Gill, Head of Forensic at KPMG Australia, said:

“Cyber-crime continues to rise. We are seeing an alarming increase in the number of forged emails, which are often addressed to senior finance personnel, purportedly from someone in the C suite, with instructions to transfer large sums of money into bank accounts.

“We are finding that clients under-estimate the threat from the malicious insider when it comes to cyber-crime, and as a result they are not paying sufficient attention to the basics. Identity and access control is often weak, and organisations often don’t understand where their critical IP assets are located and who in the organisation has access to them.”


Infographic of Fraud Barometer findings

Australian Fraud Barometer

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KPMG International Cooperative (“KPMG International”) is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.

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