Fraud, cyber, and security risks are at an all-time high, the 2017-18 Kroll Annual Global Fraud and Risk report has revealed.
The research which surveyed 540 senior executives across multiple industries including financial services showed that 84% of companies fell victim to at least one instance of fraud over the past 12 months.
This is a 2% increase from the previous survey and a steady increase from 2012 when the reported occurrence was 61%.
Commenting on the space of private banking, Reshmi Khurana, managing director and head of South Asia, investigations and disputes told Citywire Asia:
‘In our experience the private banking industry relies on a secure and stable environment to attract both investors and talent. The industry requires physical and data security, both of which can be threatened by fraud and cyber risks like data breaches that the Kroll Report discusses.
‘Similarly, any geopolitical risks or other security threats will adversely affect the attractiveness of a market or country as a private banking destination.’
Major fraud, cyber and security risks were identified as prevalent in emerging markets such as Indonesia, Malaysia and Vietnam, where a number of Singapore-based investors are focused.