August 2010

Corporate fraud increases significantly in Mexico during the economic crisis

By Ramiro Alonso
El Universal

The recent global economic crisis contributed to a 55.5 percent increase in corporate fraud committed in Mexico between 2008 and 2010, ranking Mexico as the country with the most fraud in Latin America.

According to the 2010 Survey of Fraud by KPMG Consulting, white-collar crimes in 2008 cost 11.7 billion pesos ($896.34 million) in damages to the Mexican economy. Two years later, the total amount of corporate fraud amounted to 18.2 billion pesos ($1.39 billion).

In the last 12 months, the average amount stolen in each incident was $850,000, considerably higher than the $650,000 for all companies operating in Latin America.

"The results of the survey show a worrying reality," said KPMG managing director Arturo del Castillo.

In Mexico, 75 percent of businesses reported being victims of various types of fraud in the last twelve months, he said. Economista

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