KPMG’s latest issue of the Fraud Barometer reports that the value of fraud detected in Australia has more than doubled in the second half of last year – possibly as the result of the global financial crisis.
The number of cases of fraud before the courts in the second half of 2009, at 69, was approximately the same as that of the first half, with 81 large cases, but tellingly the value was more than double, increasing from $100.1 million to $217.9 million in total.
KPMG states that the results are not particularly surprising, given that the large number of managers and employees facing fraud related charges can be directly linked to better fraud detection, following a tightening of internal controls as a result of the economic downturn.
Whilst the majority of the fraud cases related to banks and financial institutions, the car parking industry is far from immune from being a target for fraud as last week’s post Auckland Downtown credit card scam and PCI compliance shows.
Cash handling, inadequate equipment and poor procedures can lead to revenue leakage or expose a car park’s operation as an easy target for fraud. If you think your car park could be at risk, PCI offers a Performance Review and Auditing Service, with operational reviews designed to provide property owners with an independent specialist management consultants’ report designed to improve both customer convenience and profitability.