Identifying and responding to corporate fraud in the 21st century

Abstract

Fraud involves the use of dishonest or deceitful conduct in order to obtain some unjust advantage over someone else. Fraud currently costs the community in excess of $3.5 billion, and last year alone cost the Commonwealth Government over $150 million. The prevention and control of fraud are two of the great challenges for Australia now, and in years to come. The diverse types of fraud include commercial fraud, fraud against governments, consumer fraud, migration fraud, securities fraud, superannuation fraud, intellectual property fraud, computer and telecommunications fraud, insurance fraud, plastic card fraud, art fraud, charitable contribution fraud, identity-related fraud, advance fee fraud, health care fraud, the list goes on and on, and new opportunities for deceptive conduct arise all the time. The challenge lies in designing systems which allow commerce to flourish while blocking opportunities for fraud.