The Wire

Corporate fraud has doubled over the last two years according to a survey of 420 of the largest organizations in Australia and New Zealand. The biennial report by the private financial firm KPMG found that the total value of reported fraud increased to over 300 million. Gambling is the most common motive which accounted for almost half of the losses. The report also found that many fraudsters are non-management employees who have been working for years before their detection. But what’s most alarming are predictions that corporate fraud will increase during the current financial crisis…as employees become more desperate and businesses take more risks to retain profit levels.