Companies Dread Data Loss as Fraud Upswings

Companies Dread Data Loss as Fraud Upswings

Researchers have found that worlwide fraud losses soared to 22 percent this year.  Kroll, a risk consultancy, was appointed by Economist Intelligence Unit to accomplish The Global Fraud Report  which was participated by 900 global companies through out 10 various countries.


For the past three years, companies have lost an average of $8.2m (£4.6m) to fraud, a huge climb from the previous years. The number of firms suffering at least one critical occasion of fraud also rose to 80-85 percent.  According to the report, companies are often filched with physical assets and the number of those affected boosted to 37 percent.



Among the companies who responded, 27 percent suffered from Information theft, loss or attack which is five percent higher than last year. The only types of fraud seen to be trending down is money laundering and procument fraud which has declined by one percent.



With the rising number of fraud instances, 70 percent fear massive data loss, while 50 percent are worried about regulatory or compliance breaches, management conflict of interest, financial mismanagement, procurement fraud and physical theft.