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The KPMG Fraud Barometer provides a summary of reported frauds in New Zealand for the 12-month period 1 August 2021 - 31 July 2022 and is prepared by the KPMG Forensic team.
This fourth annual edition confirmed the trend in recent years of management and employees continuing to be the most common categories of perpetrators. These types of fraud are most often linked to weaknesses in internal controls.
In the last year:
7 Super frauds
The total number of frauds reported over $100,000 remained steady, although the number of ‘super frauds’ – over $1 million – has increased to seven, up from three last year
$80 million fraud
One $80 million fraud that had been occurring since 2012 was reported this year, which increased the total value of fraud year-on-year by 256%.
Serious Fraud Office
With the Serious Fraud Office investigating and prosecuting COVID-19 wage subsidy cases, we expect these to feature in the next review period as these cases start to result in convictions through the Court
Our Forensic team here at KPMG can offer support with the detection, prevention, and response to fraud risks in several ways:
- performing a fraud maturity assessment of your organisation’s current policies and practices against best practice standards,
- conducting a fraud risk assessment to understand, prioritise and address potential vulnerabilities,
- providing a confidential whistleblowing hotline service to facilitate early detection, and
- independently performing, or assist with, investigations into alleged or suspected fraud.
Have a read of the report and please get in touch if we can help provide more information to support you and your organisation.
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