Forewarned is forearmed

Do you know 70 per cent of fraudsters are between the age of 36 and 55, and 61 per cent of these are employed by the victim organisation. Also, in 70 per cent of frauds, the perpetrator colluded with others. These are the findings of the KPMG global analysis of 596 fraudsters member firms, investigated between 2011 and 2013. The study says there is no particular trait and all types of people commit fraud if the opportunity presents itself. Also the economic instability, new technologies and innovation, increasing connectedness of the world in cyber space have created opportunities for people to gain criminally.

Among frauds, misappropriation of assets is the most common type of fraud. However, the study says cyber-related crimes are the most damaging because it is difficult to estimate their effect before it is too late. Therefore, companies must invest in talent to reduce large data to identifiable events and operate seamlessly across borders to enable quick reach in case of cyber fraud.