Our annual Fraud Barometer provides a summary of frauds reported by the media in New Zealand for the previous 12-month period. The third edition of the Barometer covers the period 1 August 2020 - 31 July 2021 and is prepared by the KPMG Risk Advisory Forensic team to bring you an overview of the interesting cases and observed trends from the last year.

Key highlights

$29.7 million

The total value of large fraud cases (>$100k) in the 12-month period from 1 August 2020 to 31 July 2021.

22 cases

Identified fraud cases that were reported during the period.

3 'super frauds'

Frauds valued at over $1.0 million, up from two in the prior 12-month period.

23%

The proportion of fraudsters that were reported to have falsified invoices in order to commit their fraud. 

Business owners

Were the most common perpetrators of fraud, followed by financial advisors.

58%

Of this year's perpetrators were female, marking a shift from the last two years where the majority were male.

For the third consecutive year, the Government sector suffered the highest number of frauds, with most of these against the Inland Revenue Department (IRD) due to high numbers of tax fraud cases.

The key findings from the Barometer emphasise the need for all organisations, of whatever size, to consider their fraud risk management framework and the specific internal and financial controls that they have in place to detect and prevent fraud.
 

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