Fraud in the Gulf region six percent higher than global average

The 2016/17 Kroll Annual Global Fraud and Risk Report has been published, which for the first time focuses on specific cyber security threats, reflecting the challenges clients are currently facing. The report states that businesses saw a significant rise in fraud and risk incidents since 2016. Specifically, that fraud in the Gulf region has trumped the global average of 82 percent. Companies worldwide reported fraud in relation to scams, cybercrime and security breaches. Despite widespread concerns about external attacks, the findings reveal that the most common perpetrators of fraud, cyber and security incidents over the past 12 months were current and former employees. Additionally, the most reported fraudulent activities were virus or worm-infestations and data deletion, each representing 30% of the fraudulent activities.   

Employees accused of fraud and forgery

Two employees have allegedly caused a telecoms company to lose approximately $58,000 in an attempt to receive sales commissions of 15%. It is alleged that the duo created fake trade licences and forged corporate applications to convince the company that they had reached their sales targets. The two individuals admitted to breaching their company's regulations to obtain commissions and bonuses. Both face charges of attempted fraud and forgery.

Money exchange house shut down due to irregularities

The UAE Central Bank has ordered the closure of a small money exchange house after detecting irregularities following complaints that customers' remittances were not reaching their destinations. It was found that one of the owners of the exchange house had absconded with customer money. Customers reported losses which ranged from approximately $272 - $12,250.