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International News

Firms Lose More to Electronic Than Physical Theft: Kroll

January 01, 2011 posted by Steve Brownstein

The risk consultancy company, Kroll Inc., has released a report on fraud trends around the world.

The report found that for the first time ever, the electronic theft of data is more common than the theft of physical assets.

According to the report, which surveyed more than 800 senior executives around the world, electronic and information theft represented 27.3 percent of total fraud losses, while physical theft comprised 27.2 percent of losses from fraud.

In addition, the report found that fraud cost businesses around $1.7 million per billion dollars of sales, up from $1.4 million per billion dollars of sales last year.

The increase may simply be the result of better fraud protection and awareness.

The report also found that fraud is usually carried out by a company's employees, particularly junior employees and senior members of management.

However, customers were the most common perpetrators of fraud in Latin America, the report found.

Finally, the report noted that China had the highest levels of fraud among the world's emerging markets, with 98 percent of businesses impacted by the crime.