Ernst & Young Global Fraud Survey: Fraud is on the rise Jul 13 2010

The 11th Ernst and Young Global fraud survey has reported a noticeable increase in fraud in the past two years.

This survey of 1,400 senior managers in 36 countries shows a considerable number of companies have suffered a significant fraud in the last two years. The most striking increase was in Western Europe where the number of significant frauds reported has doubled since the previous survey.

This increase could be partially due to greater enforcement against fraud by many companies. However, the survey also states that a substantial number of companies do not have adequate reporting and investigatory fraud policies.

It is essential that companies have effective procedures in place for investigating fraudulent activity. Intelligence led investigations software allows organisations to gather evidence of potential misconduct.

Martin Price, Methodware's VP of EMEA, says of the report, "In certain types of fraud, the directors can be held personally liable for any actions of their company and so certainly concentrates the mind. The drive towards an ethical culture and sustainable growth will continue."

To view the full Ernst and Young survey click here.