Combatting Fraud in a Perfect Storm

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ACCA and Airmic, together with ACFE, ACi, CISI, ISC2 and the IIA, have unveiled a major global report showing how fraud is mutating faster than organisations can respond.

Based on insights from 2,044 professionals and more than 250 experts, the findings highlight significant gaps in organisational readiness:

• Only 57% say their organisation actively looks for fraud
• 62% value training, but only 30% say it is tailored to their role
• Procurement fraud is the most common, yet often dismissed as “leakage”
• Cyber fraud is considered catastrophic when it strikes
• Crypto-related fraud is referred to enforcement in only 10% of cases

Airmic CEO Julia Graham comments: “In the UK, the introduction of the Economic Crime and Corporate Transparency Act provides an opportunity to revisit these fundamentals. Organisations must critically examine whether their risk appetite on fraud is integrated into fraud risk assessment processes, guiding prioritisation and resource allocation. Most importantly, they must move beyond compliance to genuine cultural transformation, where stated risk appetite shapes how fraud risk is owned, assessed, and managed across the entire enterprise – with clear accountability from board to front line.”