India Corporate Fraud Perception Survey 2018

Edition III

Responses to the third edition of our survey indicate that organisations appear confident of tackling fraud and are making the necessary investments to deploy effective fraud risk mitigation strategies.

Quick insights

Bribery and corruption prevention efforts need to focus on evolving risks Best practices to consider based on the recently introduced ISO 37001:2016 (Anti-bribery management systems) standard
Who will the future fraudster be? A list of indicators
A new approach to adopting technology to mitigate fraud Rethinking technology deployment in the context of fraud risk management
Impact of IoT devices on fraud investigations IoT devices tend to contain large amounts of data that may have evidentiary value in a forensic investigation
Considerations when going legal with a corporate fraud case Key considerations when seeking legal recourse to corporate fraud
Impact of the Insolvency and Bankruptcy Code (IBC) on fraud Intent of law makers to scrutinise corporate defaulters is more focused than ever before, resulting in greater corporate vigilance at all stages
Implications of the Personal Data Protection Bill, 2018 on fraud risk management Some thoughts on the impact of the propositions made under the Bill in context of fraud risk management/ investigation
Cybercrime – What’s new? Cybercrime metamorphoses with each passing technological milestone
Fraud risk management 2.0 – what does the future look like? Future fraud will rely on a combination of technologies, devices and methods
Using Bots for due diligence – Are we there yet? The complexity of tasks involved in forensic due diligence would require bot-human collaboration
Building the anti-fraud sentiment in entrepreneurship Entrepreneurs need to look at founding ethical enterprises of the future

Read the full report to understand all insights.

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The state of corporate fraud

Organisations are increasingly recognising that fraud is not only a result of a macroeconomic trend of diminishing ethical values, but also of internal systemic loopholes that can be plugged by better controls and limited overrides. As fraud schemes get sophisticated, they are aware that there needs to be greater focus on preventive controls, necessitating adequate investments in these areas.

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The approach to fraud prevention, detection and response

Technology is helping organisations to proactively manage the risk of fraud. In the last two years, organisations have implemented several tools to assist them in monitoring transactions and flagging off suspicious entries. We believe these investments in technology have been successful, thereby prompting corporates to look at the next level of technologies for fraud prevention.

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Impact of anti-fraud regulation on fraud

Regulators are aware of the challenges faced by organisations in curbing fraud and are determined to ensure business is conducted ethically.

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