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How fraud has grown in India over the years

KPMG, one of the largest professional services companies in the world and one of the big four auditors, surveyed 293 CXOs from Indian and multinational companies with presence in India to find how fraud has grown.

Let's take a look at how fraud has grown in the country.

The term may be used to refer to a chief executive, a chief operating officer, a chief financial officer, or a chief technology officer.

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How fraud has grown in India over the years

Value of fraud

Average value of fraud loss reported by respondents:

Year 2006: Not quantifiable

Year 2008: Less than Rs 1 lakh

Year 2010: Between Rs 10 lakh to Rs 1 crore

Year 2012: Rs 1 crore

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How fraud has grown in India over the years

Perpetrators

Year 2006: Employees, (employee plus supplier)

Year 2008: Employees (mainly senior management)

Year 2010: Employees (senior and junior management)

Year 2012: Vendors/agents

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How fraud has grown in India over the years

Sophistication of fraud:

Year 2006: Expense account fraud, forgery

Year 2008: Kickbacks, theft of intangible assets

Year 2010: Bribery and corruption, sales fraud

Year 2012: E-commerce/Internet-related frauds, bribery and corruption

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How fraud has grown in India over the years

Frauds of the future:

Cyber crime

Identity theft

Counterfeiting and piracy

Intellectual property theft

Bribery and corruption

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How fraud has grown in India over the years

Vulnerable sectors:

Financial services

Information and entertainment

Telecom

Real estate and infrastructure

Industrial markets

Consumer markets