India In Top Three Regions for Corruption-Linked Fraud: Report
About 80 percent companies who participated in the poll said they were victims to fraud in the year 2015-2016.
India is one of the most corrupt regions in the world, according to the Global Fraud Report, as reported by The Hindu. Eighty percent of companies who participated in the poll said they were victims of fraud in 2015-2016. This figure has risen from 69 percent in 2013-14.
The results were put together as part of the Global Fraud Report 2015-16 by risk mitigation consultancy, Kroll, with the aid of the Economist Intelligence Unit.
It further concluded that India has the third-highest number of cases of fraud, behind only Colombia with an 83 percent, and Sub-Saharan Africa with an 84 percent.
The India-centric data in the report shows that the highest incidence of fraud as reported by Indian companies is due to ‘corruption and bribery’.
A quarter of the respondents said they registered losses due to dubious records in graft-linked fraud. On average, the worldwide survey found that only 11 percent of the companies reported corruption and bribery as a source of revenue loss.
The latest report also finds that the biggest factors exposing Indian companies to fraud have changed over the last few years. Where the previous report pegged IT complexity as the biggest contributor to fraud, the 2015-16 report says the new drivers of fraud are high employee turnover and cost restraints over pay.
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