New Delhi: Most respondents believe there has been no decline in fraud in India despite several regulatory changes, a KPMG survey said on Thursday.
KPMG in India conducted a survey with over 75 finance/compliance experts across various organizations in the consumer market sector (FMCG, consumer durables, agriculture, retail and e-commerce) on the types of frauds and leakages faced by them. Questions were included about.
About 79 percent of survey respondents said there has been no reduction in fraud despite the regulatory changes, and only 21 percent said the changes have led to a reduction in fraud.
According to the survey, procurement, sales and distribution and e-commerce were voted as the top areas most prone to fraud.
About 72 percent of respondents cited reputational damage as the most serious impact of fraud, while 16 percent believed financial losses would also impact organizations.
According to the survey, about 61 percent of the respondents believe that implementing technology-based early warning signal mechanisms is the most effective solution to detect and reduce fraud.
Mustafa Surka, Partner – Forensic Services, KPMG in India, said that the consumer market segment is rapidly changing and growing. As a result, fraud in the sector is also on the rise, leading to massive leakages for organizations.
“It is important for organizations to remain agile and mitigate these leaks in a timely manner by investing in technology and developing a robust monitoring mechanism,” Surka said.
KPMG in India conducted a survey with over 75 finance/compliance experts across various organizations in the consumer market sector (FMCG, consumer durables, agriculture, retail and e-commerce) on the types of frauds and leakages faced by them. Questions were included about.
About 79 percent of survey respondents said there has been no reduction in fraud despite the regulatory changes, and only 21 percent said the changes have led to a reduction in fraud.
According to the survey, procurement, sales and distribution and e-commerce were voted as the top areas most prone to fraud.
About 72 percent of respondents cited reputational damage as the most serious impact of fraud, while 16 percent believed financial losses would also impact organizations.
According to the survey, about 61 percent of the respondents believe that implementing technology-based early warning signal mechanisms is the most effective solution to detect and reduce fraud.
Mustafa Surka, Partner – Forensic Services, KPMG in India, said that the consumer market segment is rapidly changing and growing. As a result, fraud in the sector is also on the rise, leading to massive leakages for organizations.
“It is important for organizations to remain agile and mitigate these leaks in a timely manner by investing in technology and developing a robust monitoring mechanism,” Surka said.
