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New Zealand’s Embezzlement Schemes Continue to Rise: KPMG Fraud Barometer Reveals Alarming Trends

A recent report by KPMG New Zealand has highlighted a disturbing trend of embezzlement schemes in the country, with company owners and management being the most common perpetrators.

Business Owners Most Common Perpetrators

According to the KPMG Fraud Barometer 2023, which summarizes reported frauds for the period between August 1st, 2022, and July 31st, 2023, business owners were responsible for the majority of fraud cases by volume and value. The report found that:

1000 reported frauds resulted in financial losses totaling $21.6 million
The largest single fraud reported this year was a staggering $8.7 million, linked to fraudulent home loans obtained by property investors between 2015 and 2016

Government Sector Hit Hardest

The government sector suffered the highest number and value of frauds, with around 60% of cases committed against Inland Revenue. The report also noted an increase in cases related to defrauding of the Covid-19 Small Business Cashflow Scheme, although these have been valued at less than $100,000.

Cybercrime on the Rise

Separate figures from Computer Emergency Response Team (CERT NZ) showed a significant increase in financial losses due to cybercrime, with nearly 2000 incidents reported between January and March. This represents a two-thirds increase compared to the previous quarter.

Regulators Crack Down on Greenwashing Claims

The report also highlighted the regulators’ increased scrutiny of greenwashing claims, with legal frameworks and guidelines being put in place to make ESG claims more transparent and accessible. Investigations, enforcement actions, and complaints are likely to rise in 2023 and beyond.

Occupational Fraud Remains a Major Concern

The report emphasized that occupational fraud is likely the most costly and common form of financial crime worldwide, with 70% of victim organizations having hotlines in place to report fraud or other violations.

AI-Facilitated Fraud on the Rise

Finally, the report noted that AI is being used to create new forms of fraud, which are becoming increasingly sophisticated and difficult to detect. As a result, organizations must prioritize their fraud risk management framework and internal controls to prevent and detect these emerging threats.

KPMG Offers Support for Fraud Prevention and Response

The KPMG Forensic team can provide support in several ways, including:

Performing fraud maturity assessments
Conducting fraud risk assessments
Providing confidential whistleblowing hotlines
Independently investigating alleged or suspected fraud