Identifying the Fraudster in Your Company

 
 
 
Who commits fraud in your company? He may be one of your hardest-working and most trusted colleagues, someone who is often stressed, rarely takes vacations, and protects his business unit from scrutiny while personally attending to the top vendors. That’s the profile of a typical fraudster produced by KPMG International, revealed in its study of global fraud. The research draws on nearly 350 actual investigations conducted by KPMG member firms in 69 countries, and it shows that the majority of cases exhibited at least one red flag that should have triggered intervention. Yet only 10% of these cases resulted in action before requiring a full-blown investigation. Patterns of fraud often remain undetected for years, costing millions. Senior management must be proactive, supporting a robust ethics and compliance policy while providing an easy way for employees to report an issue without fear of retaliation, all while maintaining appropriate due diligence. For more about the report,
 
 
Dennis McCafferty is a freelance writer for Baseline Magazine.
 
 
 

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