As we reach the midpoint of financial year 2024, it is  perhaps a good juncture to unravel what we see as headwinds before us as we charter our path to the end of the year.  

The rapid rise in fraud related activities and its cost burden is of grave concern to business and government. We share more information on the types of fraud and the alarming global statistics and costs that have been reported. PNG is not immune to what is already growing roots in the country.

Another challenge facing PNG is our preparedness in the Cybersecurity landscape. We describe this issue as a ticking time bomb – the threat is very real. We highlight the risks actions to counter these threats.

Turning to the Economy, we share recent statistics by Westpac on their forecasts on GDP and inflation for 2024.  For those lagging behind with their tax returns, we point out deadlines.

Fraud is evolving: Are you ready to stay ahead?

by Giann Carlo Marquez, Manager, Advisory Services

In today’s rapidly evolving world, despite technological advancement and increased regulation, fraud and financial crime remain a serious threat to public and private organisations worldwide.   Fraudsters try to take advantage of changes in business environments, markets, and technologies to outsmart the system. 

Other topics covered include:

  • PNG’s cybersecurity landscape: a ticking time bomb
  • PNG economic indicators and forecasts
  • Income Tax return deadline

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Enjoy the read this month and reach out with any enquiries at if you would like to see KPMG cover specific topics in future editions.