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Fraud hits half of travel businesses: study
Hong Kong, November 9, 2012
 

HALF of travel, leisure and transportation businesses were affected by fraud in the last one year, with internal financial fraud or theft being the most common type reported at 22 per cent.

 

According to the Kroll Advisory Solutions’ Global Fraud Report, travel and leisure companies were the most likely to report that an insider has been involved (88 per cent) and that senior management employees were involved (34 per cent).

 

Regulatory or compliance breach was the second common at 16 per cent, while information theft, loss or attack came in third at a slightly lower 14 per cent.

 

Despite a significant 52 per cent of businesses within the sector affected by fraud, travel, leisure and transportation maintained its position as the industry with the least fraud cases for the third consecutive year.

 

Of affected companies, 36 per cent cited IT complexity as the biggest factor for increased exposure to the crime.

 

Another key finding from the report is that outside of Africa, India and Indonesia had the highest number of companies touched by fraud of any region or country, across all sectors, at 68 and 65 per cent respectively.

 

Eight of the 10 frauds mentioned in the report were more prevalent in India than globally, while Indonesia posted the highest rate of information theft among all countries that participated in the survey at 35 per cent.

 

Carried out by the Economist Intelligence Unit, 839 senior executives worldwide from a broad range of industries and functions were polled in July and August 2012. The survey covered Europe, North America, Asia-Pacific, Latin America and Middle East/Africa.

 

 
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