An overwhelming 80 per cent of companies polled in India said they had been victims of fraud in 2015-16, up from 69 per cent in 2013-14, according to a survey report.
The Global Fraud Report 2015-16 by risk mitigation consultancy Kroll, with the aid of the Economist Intelligence Unit, found that the perceived prevalence of fraud in India is the third-highest among all countries and regions surveyed across six continents. Only Colombia (83 per cent) and Sub-Saharan Africa (84 per cent) surpass India.
The report’s authors observed that while the incidence of fraud was on the rise globally, a combination of a lack of preventive measures at Indian companies and a poor legal system had resulted in 92 per cent of the respondents saying they had witnessed an increase in exposure to fraud.
The India-centric data in the report shows that the highest incidence of fraud as reported by Indian companies is due to what the report terms ‘corruption and bribery’.