Aussie businesses see fraud as high risk

by Adam Smith27 Aug 2014
Half of mid to large Australian businesses deem fraud a high risk, according to new research.

Research published by Experian has revealed around 50% of mid to large size Australian businesses believe fraud is a high risk to their business, while a further third say fraud is at least a moderate risk.

More than one third (36%) of Australian businesses say they have been attacked by fraudsters through online networks, while 17% say they are attacked by fraudsters on a daily basis.

“Fraud is a serious and growing issue for corporate Australia. Similar to other markets around the world, we can expect to see a rise in the level of fraud attacks and an expansion in the types of fraud perpetrated on Australian businesses and their customers in the coming year,” said Jeff Price, Managing Director of Experian Decision Analytics, APAC.

Price said global markets are seeing the growth of emerging trends such as corporate account takeover fraud, in which an organisation's business bank accounts fall prey to fraudsters.

"This is an issue we expect to see emerge in Australia in the near future and businesses need to be prepared to withstand these emerging and persistent threats," Price said.

Price argued that fraud could have ramifications for businesses beyond direct losses, including reputational damage from inconveniences caused to customers.