Recent Fraud Survey of CFO and Company Directors highlights a surprising result
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53% of Company Directors and CFO's surveyed had not experienced payment fraud in their careers to date |
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Of those who had experienced payment fraud, 86% were from internal actors and only 14% were from external actors |
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When ask how the fraud was investigated 57% had brought in external investigators |
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Insights Based on other survey results there are some surprises here, those Directors and CFO's that had not experienced fraud seemed low. This may reflect that many were early in their careers, didn't want to admit to fraud under their watch, or even that perhaps a potential fraud had yet to be discovered as some reports have stated that it's not uncommon for frauds to go undetected for many years. The staggering figure in this survey was that 86% of the frauds experienced were internal! This may have been due to the frauds that were successful vs attempts that didn't get past the payment controls. And of those frauds experienced, 57% brought in external expertise to investigate, this is also higher than normal as many frauds are dealt with internally, swiftly, so as to avoid embarrassment. That is a key reason why fraud statistics are under-reported. However, of those surveyed, there was a high proportion of large corporates that will be dictated by governance and have the budget to have a more professional approach. |
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