“..Frauds totalling $98 million were brought before the courts last year, a report released today by international auditing firm KPMG reveals.
Experts believe that figure could double by the end of next year as white-collar crime from the financial pressures of the global recession begins to appear in our courts.
The KPMG Fraud Barometer shows a significant rise in fraud in the second half of last year, a figure that is expected to continue rising sharply.
Fraud cases before the courts between July and December totalled $76.1 million – a significant leap from the $21.9 million uncovered between January and June.
But KPMG forensics partner Mark Leishman believes the worst is yet to come..”
go to source/story>>Major frauds hit $98m – but worst is yet to come – National – NZ Herald News
If the threshold for inclusion in KPMG’s “fraud barometer” is $100,000 then it is obvious that the main offenders are going to be Managers and other senior staff. Junior staff do not usually have access to these amounts of money!
And the comment “We’ve noticed a considerable increase in the number of loan frauds during 2009, suggesting that a great proportion of bank customers are feeling the pressure of the economic downturn,”. Well maybe the real reason is that the banks are too lax in assessing customers creditworthiness before giving them the money. Many Mobile bank managers are paid on Commission so its in their interest to lend as much as they can.