07 March 2016

One in Five Australian businesses affected by fraud, daily.

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Fraud is becoming increasingly common in Australia and seems to be rising each year. According to new research, nearly one in every five Australian businesses are victims of fraud each day and large businesses are now taking prevention methods more seriously.

Let’s have a quick snapshot of some statistics surrounding fraud in Australia.

In the Australian Securities and Investment Commission’s six-monthly enforcement report, in the six months to June 2014, ASIC took enforcement action against 48 cases of white collar crime related to financial services, however the amount of white collar crime committed in financial services almost doubled in the second half of 2014, where ASIC took an action against 89 cases of white collar fraud.

In EY’s first Asia-Pacific Fraud Survey, 48% of executives polled stated that their anti-bribery & anti-corruption policies were good in principle, but when put to practice, results were not as successful as they would have liked.

While progress is being made, shown by approximately 40% of respondents saying they have an anti-bribery policy or code of conduct, however this still lags behind global averages which sat at 81% of corporations with policies in place, along with Europe, Middle East, India and Africa counterparts at 57% as surveyed by EY.

In recent years, 81% of the respondents said they would be prepared to utilise a whistle blowing scheme and 60% of Australian respondents stated they’d be willing to expose misconduct. This is a big upward swing from the current total of only 32% of companies that have one in place.

Discover strategies on fighting cyber and internal fraud in a technology dependent era at Akolade’s 5th Annual Australian Fraud Summit 2016 on 24th and 25th of May in Sydney. 

Being brought up in a typical Chinese family in Australia, Vivian takes pride as an ABC (Australia-born Chinese) where she happily embraces both the Chinese and Australian cultures.

In high school, Vivian wanted to become a fashion designer, however she has developed a passion for running events after working backstage for multiple live shows. Prior to starting at Akolade, Vivian worked 4 years in the wine industry and she misses the wine tasting sessions and openly drinking on the job. As the Marketing Coordinator, Vivian enjoys using her creativity to design unique and fun campaigns for each event. In her spare time, Vivian loves to spend time with her two adorable cat and dog. 

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