Giant DenialFraud Perception – Dangerous Illusions Among Canadian Businesses Around Fraud

Canadian businesses show a dangerous combination of overconfidence and naiveté when it comes to fraud detection and prevention.

Fraud Perception – Dangerous Illusions

A survey conducted on behalf of accounting, tax and business consulting firm MNP LLP by Ipsos indicates half of Canadian businesses suspect or know their business has experienced fraud.

At the same time, 80% of businesses are confident they can prevent fraud in the workplace.

Respondents are 2X more likely to see fraud being a serious issue in the wider industry where they work than in their own business.

One in 10 respondents believe there is quite a lot of fraud at their business.

One in three say their business is more likely to deal with fraud reactively.

One in four businesses are not confident about detecting online hackers.

42% of businesses are very confident they can prevent internal fraud.

Those with fraud first-hand experience are more likely to have seen it from an external source (19%) than an internal one (13%).

One in 10 business owners and executives admit business not equipped to handle fraud.

MNP is a leading national accounting, tax and business consulting firm in Canada. For more information, contact Greg Draper at 1.877.500.0792 or [email protected]

Source: Ipsos online survey January 2017 on behalf of MNP LLP of 1,000 small business owners with up to 99 employees and 100 C-Suite executives with businesses of more than 100 employees.