KPMG’s third report profiling traits and behaviours of fraudsters around the world - “Global profiles of the fraudster” - based on interviews with 750 fraudsters in 81 countries plus KPMG Forensic professionals, revealed:

• who commits fraud
• what sorts of fraud they commit
• how they are caught.

Key findings

The key findings of this important report were:

• while technology was used to carry out 24% of frauds, anti-fraud efforts failed to use technology sufficiently
• weak internal controls are a factor in 61% of frauds, up from 54% in the last survey. 

Typical fraudster

In controlling and preventing fraud it is vital to understand the fraudster. The survey showed that the traits of a typical fraudster were:

• 36 to 55 years old
• male 
• an employee of the company
• may hold an executive or director level position (over a third did)
• colluded with others
• motivated by personal gain
• see themselves as well respected.

How to combat fraud

Based on the analysis of the data, KPMG make four recommendations:

1. perform risk assessments;
2. fightback with technology;
3. know your business partners and third parties;
4. be vigilant with internal threats.

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CTMfile take: These four anodyne recommendations hide some fundamental truths about fraud prevention. Download the report, it could form the basis of your new fraud prevention strategy.