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Overview of fraud countermeasures

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The importance of effective countermeasures

Recent studies by KPMG, PwC and the Association of Certified Fraud Examiners (ACFE) highlight weak fraud controls as being the leading enabler for fraud globally.

  • KPMG's 2016 report, 'Global Profiles of the Fraudster', notes that, "weak internal controls were a contributing factor for 61 per cent of fraudsters, compared with 54 per cent in 2013." KPMG also found that while fraud detection methods continue to improve, technology is creating weaknesses as quickly as it is filling gaps.
  • PwC, in their 2018 Global Economic Crime and Fraud Survey, found that opportunity was the "leading contributor to the most disruptive fraud committed by internal actors." Furthermore, PwC noted "virtually every significant internal fraud is a result of management circumventing or overriding controls," and concluded that, "it is important to be wary of the false sense of security that internal controls, even well-designed ones, can bring."
  • ACFE, in their 2018 Global Fraud Study, highlight the most prominent weaknesses contributing to fraud is a lack of internal controls (30 per cent) and the ability to override internal controls (19 per cent of cases). Their analysis in 2016 also revealed that weak controls allow fraud to go undetected for longer, leading to larger fraud.

This collection of countermeasures includes effective measures to counter the actions of fraudsters. Find out more about fraudster personas.

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Prevention

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Detection

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Response

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