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768 senior executives from a broad range of industries worldwide were polled this year—and the results yielded some surprising insights. The overall picture is that fraud has continued to increase, leaving businesses feeling more vulnerable and at risk than ever before.
The panels on the map summarize the percentage of respondents per region or country suffering at least one fraud incident in the last 12 months, and the top four areas and drivers of most frequent loss in each region or country.
There’s a misconception that the U.S. is a low-fraud location, but our 2015 findings say otherwise. While the prevalence of fraud is on-par with the rest of the world, we also noticed the U.S. is dealing with a substantial amount of insider fraud. To help U.S. businesses combat these issues, we’ve included relevant articles in our report that cover bankruptcy fraud, technology’s impact on business practices, cryptocurrencies, the impact of identity fraud, alarming cyber security truths, the due diligence crackdown, and fraud risk management.
Canada has seen some improvement in its overall fraud figures in recent years—but they’re not out of the woods just yet. Overall, Canada has experienced high losses and incidence for theft of physical assets.
The prevalence of fraud in Mexico has put this country ahead of the world average. This and other unsettling findings are making it clear that Mexico needs to pay more attention to current risks to decrease the prevalence of fraud.
This year’s survey suggest that Brazilian companies are experiencing high levels of fraud, similar to the rest of the world, but with one crucial setback: there’s an issue with the intention to improve defenses.
Columbia has a growing fraud problem with a high prevalence and incidence of loss. Similar to Brazil, it’s important that this country start to take threats more seriously in order to prevent future catastrophes from happening.
IP theft is a growing problem in China—amongst information theft, corruption and bribery, and conflicts of interest. Our survey shows there is a deep sense of vulnerability in these areas and it’s multiplied by the lack of investment to anti-fraud strategies.
India has one of the largest fraud problems than any of the other countries we surveyed. Corruption is a big issue and the future outlook is troublesome. The positive side? Firms in India may be more likely to invest in risk-aversion strategies to try to stem the growing tide.
Europe, like the U.S., is another area that is assumed to have low fraud incidents. This is simply not the case. Europe has the highest regional rate for two types of fraud: theft of physical assets and regulatory compliance breach.
While Russia’s overall prevalence of fraud remained at a steady pace from last year’s report, this country has seen the highest national incidence of misappropriation of company funds than any other country discussed in our survey. Looking ahead, there seems to be a perfect storm of additional factors brewing that could prove to be an unfortunate combination for Russia.
This area has, for many years, been the region with the largest fraud burden—and, according to our survey, things haven’t improved. What’s exacerbating the problem? An incorrect self perception of low risk.
The Gulf is generally a low fraud location with a few significant problem areas to keep an eye on. This area has the highest regional incidence of money laundering and misappropriate of company funds. Middle management seems to be at the heart of the problem of reported incidents. Fortunately, businesses are on the right track to making some improvements in the future.
Three quarters of companies (75%) have fallen victim to a fraud incident in the past year, a rise of 14 percentage points in just three years, according to the Kroll Global Fraud Report 2015-2016.