Last week I was discussing fraud and corruption in business in Australia with a friend who works in Kordamentha’s Forensic division. I was staggered to find out that even in today’s world with systems with checks and balances, most businesses over $1B in revenue lose almost 10% of that amount ($100M) each year to theft. This “theft” includes fraudulent activities, corruption, and simple theft of goods. PWC’s Global Economic Crime Survey/ Australia Report identified Procurement Fraud in the top 5 of all economic crimes, with 30% of Australian respondents experiencing this type of fraud in the 24 months leading up to the survey, 7 % above the global average.
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