KPMG – Covid-19 sees fraud cases surge

See the latest from KPMG regarding predictions relating to the Covid crisis 

Fraud cases surged during the Covid-19 pandemic and are only likely to increase in the coming months, multinational accounting firm KPMG says.

More than 80% of senior executives surveyed for a recent KPMG Australia report believe their organisation is vulnerable to fraud taking place right now, mirroring conversations KPMG New Zealand is having with New Zealand executives.

Even before the vulnerabilities presented by COVID-19, fraud has been on the increase. KPMG New Zealand’s Fraud Barometer publication summarises $124m of reported fraud for the 12 month period to July 2019. Net Safe report the amount lost to scams and fraud tripling from 2017 to 2018 and over $6m worth of in online losses alone in the last quarter of 2019.

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