Half of firms hit by serious fraud

UP to 50% of businesses have experienced instances of serious fraud in the last two years — well above the global average — according to a survey.

The 11th edition of the Global Fraud Survey from professional services firm Ernst & Young includes Ireland for the first time. As such, there is no clear picture of how the situation has changed in the country over recent years. However, the global average, according to the survey, is 16%, with approximately 21% of companies in Western Europe experiencing fraud activity in the same timeframe.

According to Ernst & Young’s Julie Fenton: “These figures are perhaps unsurprising given the credit crunch and ensuing recession. There has been increased pressure on businesses and board members to maintain financial results in difficult conditions, which has encouraged new frauds.”