BANKING NEWS
International
News
Fraud surveys
show high
perceived risk
KPMG has released the findings of the inaugural Africa
Fraud Barometer, a first effort to measure the risk of
fraud for companies on the African continent.
A
ISTOCKPHOTO
ccording to the new tool, reported cases of fraud
increased from 355 in the first half of 2011 to
520 cases in the second half of the year. In the
same period, the value of fraud decreased from
US$7.17 billion to US$3.702 billion.
‘We felt that there was a need to create a tool like the
Africa Fraud Barometer since the world has begun to
look at Africa as a new investment destination,’ says
Petrus Marais, KPMG’s global leader for forensics,
who developed the Barometer. ‘We are still dealing
with an often negative perception of Africa. We
therefore see ourselves as risk analysts and would
like to provide information that allows potential
investors to assess and conceptualise risk on
the African continent.’ The Fraud Barometer
distinguishes between the number of reported
fraud cases, type of perpetrators, victims of
fraud, type of fraud, countries and targeted
industries.
Continued »
Edition 2
SA BANKER
53