Four out of five travel companies across the world have been the victims of corporate fraud at an average cost of $1.1 million within the last three years, a new study claims.
The Global Fraud Report, compiled by international corporate detection company Kroll, has revealed a further 70% of companies believed their exposure to the crime has also been increased within the last three years.
The report added that the most frequent areas of loss for firms are theft of physical assets or stock, 42% management conflict of interest, 30% internal financial fraud or theft, 27% corruption and bribery, 24% and vendor, supplier or procurement fraud, 21%.
The report adds that the growth in new technologies, investors and expansion into overseas markets has worsened the problem.
Company founder Jules Kroll said: “As our society has become more reliant on information technology, increased globalisation and greater interconnectedness, certain exposures have expanded along with them.
“Dramatically new exposures such as ID theft, various IT crimes, and false reporting by asset managers were rarely seen 25 years ago.”