India Fraud Survey - Edition II, 2016

Key findings and full survey results

Today, everyone has an opinion on fraud. Be it a working professional, far from the rigors of the finance discipline, a small company struggling to recover losses, or a multinational concerned about reputation. It is this diversity of opinions and experiences that makes the fraud landscape in India complex. Consequently, fraud risk management efforts tend to become unique and challenging across organizations. This is what our survey results also indicate.

Key findings

Download the key findings of the survey for the infographic content of results from:

  • Large companies’ survey
  • Small and medium enterprises survey
  • Working professionals’ survey

Learn more by accessing the full survey results.

Perspectives on Fraud

Full survey results

Multinational organizations appear to be primarily focused in preventing known frauds such as bribery and corruption, diversion/theft of funds and vendor favoritism, even as the business landscape exposes them to new fraud and noncompliance risks such as cybercrime, social media, and anti-competitive behavior. So, while we observe increased adoption of automation and continuous monitoring as part of fraud risk management efforts, these initiatives may be unable to detect new and emerging frauds.

Small and medium enterprises, on the other hand, appear to be struggling to mitigate old menaces such as bribery and corruption, indicating a lack of commitment and resources to dedicate towards fraud risk management. Given the inherent limitations of these organizations, there is need for government intervention to help small and medium enterprises tackle fraud. In this regard, increased digitization in all spheres of business combined with strong enforcement of anti-fraud laws may benefit small organizations.

Successful fraud risk management efforts tend to go beyond strong internal controls or the presence of policies. Employees can play an influential role in the success of fraud risk management efforts, as indicated by a majority of respondents to our working professionals’ fraud survey. Perhaps it is time organizations—large and small—nurtured a community of employee influencers who can reinforce ethical behaviors and mitigate the risk of fraud.

The 2016 edition of the India Fraud survey also puts the spotlight on five new business trends that will likely impact the fraud landscape in the future—Blockchain, Internet of Things, Robotics, Cashless transactions, and Online market places. As a first, we also have perspectives from the Deloitte member firms in Japan and Australia on the fraud concerns in their countries and possible challenges faced by some of their clients while working in India.

Access the full survey results

Click here

FAQs on Tackling Corporate Fraud

Per the webcast Differing perspectives of fraud in India, organized by Deloitte’s Forensic practice on 25 January 2017, we have collated all the received questions into a handy document. Do reach out to us if you have any other queries.

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