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Fraud case in India surged 21% in 2017
Context:
- According to Kroll Annual Global Fraud & Risk Report 2017-18 India witnessed a significant increase in fraud cases.
What are the findings of the report?
- According to Kroll Annual Global Fraud & Risk Report 2017-18, India witnessed the highest incidence of fraud globally across three categories:
- Theft of physical asset or stock (40%), IP theft, piracy or counterfeiting (36%) and corruption and bribery (31%).
- Last year existing and former employees were the main perpetrators of fraud within a company.
- This year, junior employees were the second most common perpetrators causing fraud incidents (43% respondents), as per the report.
- Cyber security remained an area of concern with 84% of Indian respondents saying they had experienced a cyber-attack in the past 12 months.
- The Kroll Report reveals that respondents are experiencing a heightened sense of vulnerability to fraud, cyber, and security risks, with information-related risks now being the area of greatest concern.
