India loses as much as USD 40 mn in frauds: India Forensic

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Mumbai, Jun 13 (UNI) India is losing at least 40 million US dollars in frauds and over 95 per cent of the professionals working in fraud control do not have professional certification in this sphere.

This was the conclusion of the second annual anti-fraud conference, organised by India Forensic Consultancy Services.

The one-day conference was attended by people from diverse back- grounds like government officials, law enforcement, computer forensic and chartered accountants, who joined hands to fight white collar criminals and fraudsters.

Banking was the most vulnerable to fraud followed by insurance, it said.

In his key note address, Christian Kammer, senior forensic accountant with the department of institutional integrity of World Bank, said there were many collusions and revealing cartels operating in the bidding for the World Bank projects.

''The World Bank uses the latest technological tools and various other ways to identify these cartel,'' said Mr Krammer.

According to India Forensic, US has more than 23,000 trained anti-fraud professionals, while India has only a few hundred certified anti-fraud people.

Mayur Joshi, chairman of India Forensic, said many more professionals are required in the Indian industry to fight the fraud.

''The difference in the number of professionals shows where the Indian industry stands and how much needs to be done in this regard,'' added Mr Joshi.

While giving a preview of the inaugural report to be published by First Advantage on 'Background Screening Trends', Ashish Dehade, managing director of West Asia, said with the increase in the global workforce, the increase had led to risks in candidate recruiting and staff hiring.

''The increasing risks reinforce the need and significance of background screening as a risk mitigation strategy,'' said Mr Dehade.

The inaugural report of the 'Background Screening Trends-India' will be released in a few days, which will reveal the exact Indian situation in this field.


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