Almost nine out of ten of manufacturers worldwide affected by fraud

Almost nine out of ten (88%) manufacturing companies have suffered from corporate fraud according to a survey. Kroll, a risk consulting company says that theft of physical assets or stock (47%); corruption and bribery (28%); financial mismanagement (26%); vendor, supplier or procurement fraud (25%); information theft, loss or attack (23%) and IP theft, piracy or counterfeiting (23%) are cited as the areas of frequent loss. “As our society has become more reliant on information technology, increased globalisation and greater interconnectedness, certain exposures have expanded right along with them,” according to Jules Kroll, founder of the company. “Dramatically new exposures such as ID theft, various IT crimes, and false reporting by asset managers were rarely seen 25 years ago.” The report draws on a survey by the Economist Intelligence Unit of 900 senior executives worldwide.