Dubai: As corporate fraud in the Middle East is reaching alarming levels, new research by KPMG, Global Profiles of the Fraudster, highlights the evolving nature of white-collar crime and urges companies to strengthen internal controls and promote an ethical culture to effectively detect fraud. Findings reveal that weak controls are the prime reason for successful fraud attempts across a range of departments, including operations, finance, procurement, and even the CEO's office, with the typical fraudster being a long-standing, respected member of the organization, aged between 36 and 55 years.
According to KPMG, the UAE's Ministry of Economy (MoEc) has been actively collaborating with federal and local government entities and the private sector to improve legislation around fraud. This effort has been instrumental in strengthening the UAE's stature as a leading global hub for commerce, business, and innovation. Last year, the Financial Action Task Force (FATF) dropped the UAE from its grey list, bolstering the country's anti-money-laundering efforts. Meanwhile, Saudi Arabia's Anti-Cyber Crime Law is actively addressing unauthorized access, data interference, and fraud. Despite these measures, fraudsters continue to exploit every loophole, even resorting to collusion to cover their financial crimes.
Nicholas Cameron, Partner and Head of Forensics at KPMG Middle East, said: The MENA region remains a prime target for corporate fraud, drawn by the rapid economic growth, personal wealth, and fast tech adoption. Organizations must proactively strengthen their defenses with advanced analytics, real-time fraud detection, and regular strategy reviews, while fostering transparency and cross-department collaboration to reduce opportunities for collusion.
KPMG is a global organization of independent professional services firms providing Audit, Tax, and Advisory services. KPMG is the brand under which the member firms of KPMG International Limited (KPMG International) operate and provide professional services. KPMG is used to refer to individual member firms within the KPMG organization or to one or more member firms collectively.
KPMG firms operate in 145 countries and territories, with more than 236,000 partners and employees working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. Each KPMG member firm is responsible for its own obligations and liabilities.
