INTHEBLACK August 2025 - Magazine - Page 25
Fraud detection and prevention
requires shared responsibility
across boards, management,
employees, auditors, legislators
and regulators. No single party
can do it alone.
Emerging fraud types such
as cyber-enabled scams and
synthetic identities demand
both advanced technology
and a strong internal culture
to detect.
and rationalisation converge (the “fraud triangle”),
the likelihood of fraud increases. The impact can
have far-reaching effects on an organisation and
its employees.
As fraud evolves alongside emerging technologies
and increasing digital complexity, prevention grows
more challenging.
NOT JUST ABOUT FINANCIALS
The Commonwealth Fraud and Corruption Control
Framework 2024 defines fraud as dishonestly obtaining
Experts warn that ethical
leadership, proactive education
and a questioning culture
are the most effective — and
affordable — tools against fraud.
(or attempting to obtain) a benefit or causing
a loss by deception. That benefit may not be
for the perpetrator directly — it can also be for
a third party.
“Even recklessness, not thinking about the impact
on others, can potentially be fraudulent,” says
Gavin Stuart, partner and lawyer at Bartier Perry.
The losses are staggering. The Australian
Competition and Consumer Commission’s
Targeting scams report cited more than A$2 billion
in fraud-related financial losses in Australia in 2024.
intheblack.cpaaustralia.com.au 25
