Financial Crime World

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Types of Financial Fraud in New Zealand Revealed

New Zealanders are falling victim to a range of financial frauds, with the most common being theft of cash, plant or equipment, and inventory. According to a recent report, these types of frauds have been on the rise, leaving victims with significant financial losses.

Theft of Cash Tops the List

A staggering 24.6% of reported cases involve the theft of cash, making it the most common type of financial fraud in New Zealand. This can include:

  • Employee theft
  • Shoplifting
  • Scams targeting individuals

Equipment and Plant Theft on the Rise

Coming in second is the theft of plant or equipment, which accounts for 6.2% of reported cases. This can include the theft of valuable assets such as:

  • Computers
  • Machinery
  • Tools from businesses and homes

Inventory Thefts Also a Concern

Theft of inventory is another common type of financial fraud, making up 7.7% of reported cases. This can include:

  • Shoplifting
  • Employee theft
  • Organized crime rings targeting retail stores

Other Types of Financial Fraud on the Rise

Other types of financial fraud are also becoming increasingly prevalent in New Zealand, including:

  • Expense claim fraud
  • Credit or fuel card fraud
  • False invoicing
  • Payroll fraud
  • Backhanders or undeclared gifts
  • Intellectual property or identity crime

Local Government Affected

The report shows that local government is particularly vulnerable to financial fraud, with 26.2% of reported cases involving:

  • Councils
  • Airports
  • Cemetery trustees
  • Council-controlled organizations
  • Energy companies
  • Licensing and community trusts
  • Local authorities

Central Government Also Targeted

Central government agencies are also falling victim to financial fraud, with 10% of reported cases involving:

  • Crown research institutes
  • District health boards
  • Other Crown entities
  • Tertiary education institutions
  • Government departments
  • Rural education activities programs
  • State-owned enterprises

Schools Not Immune

Even schools have not been immune to financial fraud, with 3.1% of reported cases involving theft or embezzlement of funds.

Prevention is Key

The report highlights the need for increased vigilance and awareness among individuals, businesses, and organizations to prevent financial fraud from occurring in the first place. It also emphasizes the importance of having:

  • Robust internal controls
  • Audit procedures in place to detect and prevent fraud