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fraud. Organizations have to constantly deal with fraud and compliance challenges in todays business environment. Not surprisingly, a majority of the survey respondents perceive an increase in the level of fraud in India, in general, and also within their industry.
Around 75% of the respondents believe that fraud incidence in India have increased in the last two years.
Considering the current economic environment, 81% of the respondents perceive financial statement fraud as a major problem in India.
Not sure (in %)
19 5 8
100%
62 26 20 19 34 46 50 55 57
11 14 12 12
8 9 10 10 5 4
Regulations in India are effective in deterring fraudulent financial reporting Strict disciplinary actions are imposed for cases involving fraudulent financial reporting There is a timely redressal of regulatory violations involving fraudulent financial reporting
50% Others
RE & Infra IM
ICE
0%
FS: Financial services IM: Industrial markets
29 30 24 24
29 28 21 16 15 4 3 22 12 11 12 12 0 Treasury 3 11 12
Inventory
Finance / payments
0 Administration
Value of fraud
73 57
Up to 87% of survey respondents state that their organization had incurred fraud losses of more than Rs10 lakh.
>Rs10 crore
Bribery and corruption (including kickbacks) E-commerce and computer-related fraud Regulatory non-compliance Financial statement fraud Intellectual property fraud (counterfeiting, piracy) Corporate espionage Money laundering Others
Source: KPMG in Indias Fraud Survey 2010
10%
23 22 18 16 14 9 15
Rs1-10 crore
<Rs10 lakh
13%
29%
48%
Rs10 lakh-Rs1 crore