Human Resources magazine and the HR Bulletin daily email newsletter:
Asia's only regional HR print and digital media brand.
Register for your FREE subscription now »
The majority of Singaporean fraudsters are hired by the victim organisations themselves, and are likely to be in positions of power and are trusted employees.
The Global Profiles of the Fraudster survey conducted by KPMG found 70% of fraud cases in Singapore were conducted by opportunist workers who scammed their own employers.
Employee fraud was also identified to be the largest fraud threat in Singapore, with local companies being most vulnerable to procurement fraud. The typical swindler is expected to be middle-aged, married and with children.
While there is no single, standardised template of a fraudster, these statistics can help provide organisations with insights into the relationship between the attributes of fraudsters, their motivations and the environments in which they are most likely to flourish.
Lem Chem Kok, forensic services partner of KPMG in Singapore, cited “the difficulty of developing a real understanding of how high-tech crime is perpetrated and how to prevent it” as one of the primary causes of fraud in Singapore.
The report added the driving force behind the figures was the usage of obsolete fraud detection measures.
“Worryingly, many companies in Singapore have few fraud deterrence measures in place, making them vulnerable to internal fraudsters and even external perpetrators,” he said.
The KPMG survey also revealed less than 40% of companies use fraud risk management and are conducting fraud risk assessments.
“Few companies carry out integrity checks or vet their supply chain partners,” Kok added.
KPMG’s analysis of 596 fraudsters members between 2011 and 2013 was investigated across 78 countries.
Mark your calendars as the crowd's favourite candidate and employee experience conference, Talent Experience Forum is back!
Happening only in KL, Malaysia on 5 November. Register your seat because you will be hearing top insights from C-suite and senior HR leaders from Dell, Digi, GoCar, IPG Mediabrands, Nestle, Tesco, Unilever and more.