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    International Fraud Awareness Week

    International Fraud Awareness Week 2024, held from 17-23 November, to raise awareness about the impacts and prevention of fraud

    The fraud landscape is constantly evolving, driven by advancements in technology, regulatory changes and increasingly sophisticated tactics by fraudsters

    Fraud not only affects financial stability but also erodes trust, tarnishes reputations, and damages long-term growth efforts.

    Fraud can take many forms – from financial frauds to more serious cases of social engineering, identity thefts, corruption and cyber scams. This shifting fraud landscape requires organisations to adopt proactive and agile risk management strategies to explore the opportunities that are possible with the advent of new technology.

    43 per cent of fraud are detected by tips of which more than half come from employees

    - Occupational Fraud 2024: A Report To The Nations®, ACFE, 2024

    Organisations that did not incorporate for fraud awareness training lost near 2X more

    - Occupational Fraud 2024: A Report To The Nations®, ACFE, 2024

    KPMG in India provides a host of preemptive tools and technology which can help organisations prevent and address fraud effectively

    Encourage a trusted whistle-blowing culture among employees, vendors, contractors, and customers

    Establish a safe and anonymous, independent, reporting system for employees/third parties /customers to report suspicious activities without fear of retaliation. The system ideally should support “anytime anywhere reporting “- with 365 days, 24/7 support with multiple dedicated channels like toll free line, web portal, email, post box in preferred languages of choice.

    Whistle-blowing Reporting and Helpline Solution (‘WRHS’)
    Encourage a trusted whistle-blowing culture among employees, vendors, contractors, and customers

    Establish a strong third-party risk monitoring and due diligence eco system

    Counterparty due diligence helps to gather wide range of information about an individual or a legal entity with whom you are planning to associate or have an existing relationship. Conduct business with only such vendors/counterparties who do not impact your regulatory, reputational, or business continuity.

     

    Counterparty Due Diligence
    Encourage a trusted whistle-blowing culture among employees, vendors, contractors, and customers

    Prevent bad actors entering the organisation through the employee recruitment channel

    Conduct background checks on employees through a range of pre-employment background screening services in a flexible, timely and cost-effective manner but by complying with local data privacy regulations.



     

    Employee Background Checks and Verification Services
    Encourage a trusted whistle-blowing culture among employees, vendors, contractors, and customers

    Collect augmented human intelligence on critical relationships such as alliances, acquisitions, and CXO-level hires

    Integrity due diligence including senior management due diligence exercises involve meticulously identifying potential red flags including involvement in unethical business practices, conflict of interest, legal disputes, political and bureaucratic associations.

     

     

     

     

    Integrity Due Diligence
    NA

    Build trust and confidence with your customers, employees, shareholders, investors, rating agencies, and regulators as they are increasingly focused on how companies impact the society

    ESG due diligence on supply chain is a customised approach and weighted risk rating methodology for ESG diligence as per industry standards. Validating vendors and business partners on their ESG strategies, can help mitigate long-term risks to the organisation. ESG due diligence should be applied to validate existing suppliers and in onboarding new suppliers

    • CSR/NGO due diligence: Develop a strategic approach to CSR that aligns with business needs of the community, enabling compliance with applicable legal regulations during the project lifecycle.
    • Sanctions and continuous monitoring: Continuous online monitoring of targets through databases to provide real time updates on sanctions.
    ESG Due Diligence on Supply Chain
    NA

    While we bring you some curated preventive approaches, you can review our entire suite of services on the link 

    54 per cent of the whistleblowers prefer speaking to a reporting officer on phone for reporting an issue.

    - KPMG in India's analysis

    11 per cent discrepancy identified in employment background checks.

    - KPMG in India's analysis

    Adopt technology for fraud detection and control system:

    With today’s fast changing fraud environment, a suite of new tech-powered tools add to the arsenal for fraud detection and prevention

    1. KPMG in India’s Fraud Intelligence Platform

      KPMG in India’s Fraud Intelligence Platform is a progressive, feature-rich approach, with an in-built data analytics engine tuned to detect and alert organisations about suspicious and fraudulent behaviour.

    2. KPMG in India’s KVerify

      KPMG in India’s KVerify, an in-house tool linked through APIs to various government websites, enables instant verification of the validity of IDs/unique numbers such as, PAN and TAN for entities and individuals.

    3. KPMG in India’s Background Check Tool

      KPMG in India’s background check tool, an efficient employee background verification workflow tool which integrates with HRMS system, helps in information collection, and provides transparent background verification reporting to multiple users.

    Looking at
    1. KPMG in India Diligence and Analytics System (KDAS)

      KPMG in India Diligence and Analytics System (KDAS) is an internet-hosted workflow management and data analytics tool. This provides a higher degree of automation in the process of accepting and delivering due diligence reports for third parties and helps identifying various trends via an interactive analytics dashboard.

    2. KPMG in India Sales and Distribution Leakage Detector Tool

      KPMG in India sales and distribution leakage detector tool has been built with advanced algorithms and machine-learning model aimed at identifying anomalies in sales, and sales-led initiatives such as fictitious secondary sales, manipulation of secondary schemes, morphed, or manipulated documents amongst others.

    3. KPMG in India Anti-Bribery and Corruption Compliance Tool

      KPMG in india Anti-Bribery and Corruption Compliance Tool is a digital tool to automate various aspects of ABC compliance programs. It is easily customisable programmes according to an organisation’s policies and procedures in order to help achieve effective compliance by implementing, monitoring, and tracking various aspects and controls of ABC corporate compliance programmes.

    Leadership Speak

    India Insights

    Our insights is your gateway to thought leadership and in-depth reports. Explore our curated collection of valuable content, where we delve into complex business challenges, share industry trends, and provide actionable insights.

    Beyond the resume: Background screening to protect organisational integrity

    Understanding third party risk management in the modern business landscape
     

    Read more
    Beyond the resume: Background screening to protect organisational integrity

    Elevating fourth-party risk oversight for financial services

    Understanding third party risk management in the modern business landscape

     

    Read more
    Elevating fourth-party risk oversight for financial services

    Awareness and actions at the forefront of third-party risk management

    Awareness and actions at the forefront of third-party risk management
    Read more
    Awareness and actions at the forefront of third-party risk management

    Evolving fraud trends in the Automotive and Industrial Manufacturing sector in India

    Integrity through ‘fit and proper’ due diligence for shareholders and key personnel in financial institutions

    Read more
    Evolving fraud trends in the Automotive and Industrial Manufacturing sector in India

    ‘Fit and proper’ due diligence

    Originating from the ancient Trojan deception, money mules embody a modern-day Trojan horse strategy, navigating through digital financial systems

    Read more
    Exploring Global Best Practice

    If you are keen to know more about how you can build a continuous monitoring mechanism for your organisation or set up an early warning system, please get in touch with us.

    Key Contacts

    Maneesha Garg
    Maneesha Garg

    Partner & Head – Managed Services, Forensic, F&A, HR, Learning, Insight Led sales, Digital business operations and Sourcing

    KPMG in India

    Suveer Khanna
    Suveer Khanna

    Partner and Head, Forensic Services

    KPMG in India