Government agency loses millions through fraud | TVOne New Zealand

English: Bowen House, the Beehive and Parliame...

A Government agency has reported losing more than $6.5 million in the past year through fraud.

The loss has been reported in a global economic crime survey conducted by accountants Price Waterhouse Coopers.

It shows fraud has risen in the past two years and New Zealand ranks fourth out of 78 countries for instances of economic crime.

Half of the businesses surveyed said they had suffered some form of fraud in the past year, with companies with more than 1000 employees more likely to fall victim.

“Two of our respondents, one from the Government and one from financial services – we don’t know which organisations – said they’d lost more than US$5 million in the past 12 months,” PWC Director of Forensic Services Alex Tan told TV ONE‘s Breakfast.

He said the rise in fraud could be due to the ongoing effects of the global financial crisis.”We’re seeing a lot of small level fraud – 65% of our respondents said they lost under $100,000 – so that’s fraud for need rather than greed, where people are trying to make ends meet,” he said.

via Government agency loses millions through fraud | NATIONAL News.

Strange Random Fraud Quote:

“The first and worst of all frauds is to cheat oneself” – Philip James Bailey (English Poet (Festus), 1816-1902)

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Posted on December 3, 2011, in Article and tagged , , , , , , , . Bookmark the permalink. Leave a comment.

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