Less than 10% of Canadian executives use fraud detection software: SAS

A vast majority (83%) of Canadian executives said fraud prevention and detection is a priority for their organizations, but only 9% of those surveyed said they have business analytics software designed to help detect fraud running all the time, according to SAS Canada.SAS commissioned Leger to survey 1,033 Canadian executives at mid-sized and large organizations.The majority (80%) of executives said fraud attempts have affected their organizations. Of this 80% majority, roughly 30% said external fraud attempts (by customers, vendors, etc.) are more common. Twenty-four per cent said internal attempts (by employees, subcontractors, etc.) are more common.Twenty-three per cent said internal and external fraud attempts occur equally.Of those affected by customer fraud, 10% said this costs their organization $1 million or more annually. Banking/finance and government were the sectors hardest hit by this type of fraud.Of those affected by internal/employee fraud, 5% of respondents said this kind of fraud costs their organization $1 million or more annually. The financial sector was the hardest hit by internal/employee fraud. Sixteen per cent of respondents said their organization loses $1 million or more annually to this type of fraud.