12th May 2006 
 
Nearly 90% of business people in Adelaide believe it is possible for fraud to occur within their place of work according to a survey conducted at this week’s Institute of Chartered Accountants Business Forum.  
 
The survey also revealed that 88% of people feel little has changed since the high profile collapse of HIH, believing the incidence of fraud cases has remained similar to pre-HIH.  
 
Alarmingly, less than half of those surveyed were willing to become a whistleblower if they witnessed an act of fraud.  
 
A further 69% of respondents were unsure if the current whistleblower protection programs were robust enough to protect whistleblowers.  
 
General Manager of the Institute of Chartered Accountants Adelaide office, Mark Jones, said it was concerning that people believed fraud could be so readily carried out in their workplace and even more worry that they were so unprepared to act upon instances of fraud.  
 
The survey follows a presentation by Tony Rankine, Detective Superintendent and former Officer in Charge of Commercial and E-Crime in South Australia in which he said there was evidence of serious and organised crime in the financial sector which was likely to grow unless the non-reporting culture changed.  
 
He said fraud was likely to become more attractive to criminals because it is low risk/high reward and because of Australia’s business culture of non-reporting.  
 
“Most detected fraud is identified through internal processes. However, the capability of law enforcement to effectively respond is frustrated by a culture of non-reporting”, he said.  
 
Detective Superintendent Rankine said the South Australian Commercial and E-Crime Branch was only notified of approximately 5% of fraudulent activity which takes place within the financial sector.  
 
Detective Superintendent Rankine can be contacted on 08 8463 7434 and Mark Jones is available on 0409 844 351.