One third of B.C. businesses have been victims of fraud

Survey conducted as part of Fraud Awareness Month

TORONTO, March 25, 2014 /CNW/ - One third (33 per cent) of B.C. businesses claim to have been victims of fraud according to a survey conducted by MNP LLP, in partnership with the Vancouver Province and market research firm The Mustel Group. Additionally, more than a quarter (27 per cent) of the general public has also been victims of fraud. However, the survey also demonstrates that only eight per cent of the general public and only five per cent of businesses perceive the risk of fraud to be high. The survey was conducted to coincide with Fraud Awareness Month, which is held every March.

"We are not surprised that incidents of fraud are as high as they are," said Jackie Davies, partner and B.C. leader of MNP's Investigative and Forensic Services Group. "However we are concerned that so many of the respondents felt that the risk of fraud was low. Clearly there is a disconnect between the realities of fraud and perceptions of it."

The survey was conducted in two parts - the first was a survey of the B.C. public conducted on-line, asking 400 people to relate their experience with and perception of fraud in their daily lives and at their places of work. The second was a survey of B.C. businesses conducted by telephone, asking 200 people to relate their experience with and perception of fraud.

"The statistics confirm that a significant number of frauds are found by tips from whistle blowers and third parties," said Pat McParland, Senior Manager of MNP's Investigative and Forensics Group. "This reinforces the findings of a survey conducted by the Association of Certified Fraud Examiners which has reported that tips from whistle blowers are essential components of fraud detection."

Other findings include:

• Males tend to rate the risk of fraud higher than females, likely a reflection of the fact that more males reported being victims of fraud;

• People over 55 had the highest response as victims of fraud;
  
  
• Respondents in Vancouver reported the lowest number of incidents of fraud in the province.

About MNP LLP

MNP is one of the largest national accounting and business consulting firms in Canada, providing client-focused accounting, taxation and consulting advice. National in scope and local in focus, MNP has proudly served individuals and public and private companies for more than 65 years. Through the development of strong relationships, MNP provides personalized strategies and a local perspective to help clients succeed. For more information, visit www.mnp.ca

SOURCE: MNP LLP

For further information:

Mark Klein, Director, Media Relations
1-855-667-3313
[e-mail]