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Singapore: One in four companies hit by fraud

Date: 24 Jul 2008

Nearly one in four companies in Singapore have been hit by at least one incident of fraud, according to a new survey of directors of the top 1000 organisations.

According to the survey, carried out by KPMG, some fraud risks are increasing at an alarming rate, for instance technology or computer fraud which is three times more prevalent than it was four years ago. Around half of those affected by fraud had elements which were technology-related, suggesting that controls relating to computer systems are not keeping pace with the growing complexity of those systems.

The typical perpetrator of fraud is male, between 25 to 40 years old and employed by the company for two to five years. Although straightforward greed is the key factor, the pressure to meet performance expectations is also a strong factor. A fiercely competitive environment is leading to a greater likelihood that employees mis-report in order to cover up underperformance.

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