Cos feel frauds are 'inevitable cost' of doing biz: KPMG

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55% of respondents indicated that their organisations experienced fraud: survey (Reuters) 55% of respondents indicated that their organisations experienced fraud: survey (Reuters)
Summary55% of respondents indicated that their organisations experienced fraud: survey

have been identified as most vulnerable segments prone to fraud.

KPMG noted that greater awareness of fraud and its impact can result in companies becoming more sensitive to noticing frauds, which otherwise tend to go unnoticed or are deliberately overlooked.

"While the enforcement action in India is not swift and decisive enough in comparison to our global counterparts, we are still striving to make that change and small steps in that direction have already been taken," the report said.

When it comes to the mode of detecting frauds, the most effective way was found to be whistle-blower hotlines followed by internal audits, data analytics and IT controls among others.

Going by the findings, frauds are becoming all pervasive, encompassing multiple locations, involving various stakeholders with increasingly complicated 'modus operandi' adopted by the perpetrators.

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