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Results of a fraud exposure survey by the accountancy firm of Ernst and Young indicate Australian businesses are suffering a seepage of billions of dollars per year.
Ninety-five percent of survey respondents admitted to a business exposure of $1 million Australian dollars (equivalent to $800,000 US). When frauds were discovered, 42 percent of the time it was due to chance and 58 percent of the time it was attributed to the use of a control mechanism.
In all, 500 Australian companies were surveyed and respondents said they felt more vulnerable than ever to computer fraud, credit card fraud and insurance claim fraud. Most difficulties were encountered in the areas of purchasing, computers, acquisitions and insider trading.
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