You can search by either selecting keyword only or dates only or with both keyword and dates.
You cannot select "news" previous than 1st March 2016.


High Perception of fraud by Indian Companies (GS Mains Paper II, Topic : Business Environment)

The Global Fraud Report 2015-16 by risk mitigation consultancy Kroll, with the aid of the Economist Intelligence Unit, found that the perceived prevalence of fraud in India is the third-highest among all countries and regions surveyed across six continents. Only Colombia (83 per cent) and Sub-Saharan Africa (84 per cent) surpass India.

An overwhelming 80 per cent of companies polled in India said they had been victims of fraud in 2015-16, up from 69 per cent in 2013-14, according to a survey report.

Reasons for High Perception of fraud
1.  Lack of preventive measures at Indian companies and a poor legal system had resulted in 92 per cent of the respondents saying they had witnessed an increase in exposure to fraud.
2.  The highest incidence of fraud as reported by Indian companies is due to what the report terms ‘corruption and bribery’.A quarter of the respondents said they registered losses due to this. 
3.  Procurement fraud :The second-highest fraud-related source of loss of revenue in India is vendor, supplier or procurement fraud, which affected 23 per cent of the companies. 
4.  The highest source of fraud-related revenue loss for Indian companies came from theft of physical assets or stock (33 per cent) and both information theft, loss or attack and corruption and bribery were on a par (24 per cent). “Despite these vulnerabilities and the high proportion of fraud perpetrated by insiders, only 28 per cent of companies in India invest in staff background screening and only 55 per cent invest in vendor due diligence.” 
5.  Legal hurdles : Compounding the problem of inadequate preventive measures is the issue of what happens once fraud has been detected. Often, the legal system in India is not quick enough to make it worth the company’s while to go to court.



en_USEnglish
hi_INहिन्दी en_USEnglish