1 in 4 top firms here hit by fraud in Singapore
Aug 1st, 2008 | By Han Lee Yen | Category: Business LawAuthor: Han Lee Yen (20 Articles)
Prior to joining NTU Library, I had been teaching English Language and Literature and Communication for several years, including 2 years at a private university in the countryside of Japan, in Niigata (home of the Albirex Niigata Football Club). I enjoy reading (surprise!), sports (spectator) and outdoor pursuits (hiking and scuba diving).
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KPMG survey shows losses in each case have shot past $4m on average
NEARLY one in four of Singapore’s larger companies was hit by fraud last year, with most instances committed by greed-driven male employees hankering for the high life.
Accounting firm KPMG’s Singapore Fraud Survey Report, released yesterday, found the incidents cost an average of $4.4 million each – more than treble the $1.4 million from a survey in 2004.
This latest survey also identified an ‘alarming’ rise in computer-related fraud. For the 2004 survey, just 19 per cent of the firms polled reported such offences; the figure has risen to 59 per cent. Technology-related fraud has emerged as ‘the fastest-growing and most pervasive category of fraud‘ in the business world, the report noted.
The reason, said KPMG Singapore forensics head Bob Yap, is the ‘ever-increasing reliance on technology by businesses’.
Overall, the survey found that 23 per cent of Singapore’s larger companies lost money to fraudsters last year.
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That’s a scary thought. I really didn’t know that Singapore was so susceptible to fraud! Hopefully that changes soon.
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