Survey says fraud hits 1 in 4 S'pore firms

SINGAPORE, July 24 (UPI) -- Company fraud in Singapore is rising, purports a survey noting 23 percent of the city-state's firms were victimized last year for an average $4.4 million each.

The KPMG Singapore Fraud Survey Report said nearly one in four of the city-state's larger companies had experienced fraud, with male employees, including the well-paid ones in search of a better life style, being blamed for a majority of the offenses.

The loss arising from fraud was up sharply from $1.4 million per incident in 2004, Singapore's The Straits Times reported quoting the survey.

The report said KPMG polled senior executives in Singapore's biggest companies, of which 160 responded.

Those committing the fraud were typically men, ages 25 to 40, with secondary or college education who had worked with the company for between two and five years. The survey said 70 percent committed the offenses for a "lifestyle beyond the perpetrator's means."

The offenses included padding expense account, accepting bribes and kickbacks from vendors, even rigging bids. Pressure to meet performance expectations also was blamed for the fraud.

Praising honest and alert employees, the survey said 88 percent of the fraud was uncovered by colleagues of the dishonest ones.