New Report on Australian Government Fraud

New Report on Australian Government Fraud

The latest census of fraud against the Commonwealth by the Australian Institute of Criminology has found there were 590 convicted cases of fraud against federal entities last year with fraud potentially costing the government $1.7 billion.

The report found that between 2017-19 the amount lost as result of fraud from customers, third party providers, vendors and members of the public increased by 73%.

The report says it’s difficult to estimate the true cost of the fraud and says at the time of the action was detected the financial losses for 2019 were valued at $360 million – almost three times the estimated loss of $109 million in 2017.

Although there was a 59% decrease in money lost to internal fraud committed by government employees and contractors, internal fraud still resulted in losses of $2.7 million while external cost the government $146.9 million.

Misuse of ICT was the most common method of committing fraud in 2019.

You can read the full report here.