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India highest on companies affected by fraud

Posted on Nov 28, 07:25PM | UNI

India has the highest number of companies affected by fraud at 68pc , compared to the global average of 61pc , according to the 2012-2013 Kroll Advisory solutions 'Global Fraud Report' released totay.

Rashmi Khurana, Head of Kroll Advisory Solution in India, told reporters 'this years Global Fraud Report indicates that indian businesses, despite some improvements, face serious frauds. the percentage of indian business affected by frauds has fallen from 81pc in 2011 to 68pc in 2012, but experience suggest that while concern for fraud may be falling, fraud is not'.

According to the report, 33pc of indian companies said they put off investment in at least one foreign market because of perceived fraud issues, compared to 27pc globally.

She said 'Our exprience on-the-ground suggests that indian and foreign companies operating in india are as vurnerable to fraud as ever, companies must continue to develop strong and well-organized internal control system so they can detect and address fraud when it arises'.

The report also shows that the biggest fraud drivers in 2012 in India was complex Information Technology infrastructure. moreover IT security investment by India is lowest at 40pc . Corruption and bribery was high in 2011 compared to 2012, Information theft remains one of the most widespread frauds facing companies with 21pc of the companies surveyed.