December 05, 2011 9:53:30 am
Report Shows Fraud and Cyber Crime on the Rise
The 2011 Global Economic Crime Survey released this week shows fraud is increasing in both the United States and internationally. The report also indicates that cyber crime has grown more than other types of fraud over the last two years.
Of the 158 U.S. companies that responded to the survey, 45 percent had experienced fraud in the last year. Cyber crime was reported by 40 percent of respondents. It was the first time that cyber crime was tracked as a category in the survey, since incidences were negligible in past reports.
Cyber crime is emerging as a significant threat, with highly skilled criminals attracted to its low risks and high rewards. In the past, cyber criminals targeted IT departments, but companies are more exposed to risks with increased data access across departments.
Asset misappropriation was the leading category of cyber crime. Of the fraud incidents reported by survey respondents, 93 percent were asset misappropriation. This type of crime is also considered the hardest fraud to prevent, according to the report.
For more study results, please see Accounting Today.
Tags: Forensic Accounting, Risk, Audit, Internal Audit
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