Australian firms urged to bolster defences as global fraud hits USD $3.1 billion

Organisations worldwide have joined a global initiative to highlight the increasing threat of fraud as part of International Fraud Awareness Week, amid renewed calls for improved employee training and technological defences across business sectors.

Fraud threat landscape

The latest report from the Association of Certified Fraud Examiners estimates that global occupational fraud losses totalled USD $3.1 billion in 2024. The data underscores that no sector is immune to a widening spectrum of attacks, with organisations facing a rising tide of complex schemes ranging from insider manipulation to highly targeted external scams.

Industry groups and security technology providers are emphasising the convergence of human and machine-driven efforts in risk management.

Martin Bradley, Head of Risk and Fraud, INFORM, said, "Fraud is an evolving challenge for organisations, demanding a proactive and data-driven response. By participating in International Fraud Awareness Week, we are reinforcing our commitment to supporting businesses globally with advanced AI-driven solutions that detect suspicious activity and minimise risk. Greater awareness, paired with technology, is essential to protecting both reputations and financial outcomes."

Employee preparedness

Human error remains a significant factor in many incidents, especially as cybercriminals increasingly target staff with personalised phishing campaigns and impersonation attempts.

Nicole Jiang, Co-founder & CEO at Fable Security, said, "As we head into International Fraud Awareness Week, we looked at how our customers are using our human risk platform to prepare employees for the scams coming their way. Of all active briefing campaigns - from acceptable use to tool adoption to safe data handling - 56% focus on fraud, covering topics from CEO-impersonation and credential-harvesting scams to targeting from groups like ShinyHunters. In briefing employees on these risks, security teams should do three things. First, be relevant: explain why they are a target - their role, access, or behaviours."

"Second, give them a preview: show what the scam looks like and the tactics attackers will use. Third, be specific: tell them exactly how to avoid it and what to do when it shows up. And the message should be tight, clear, and easy to consume. If you don't arm your employees with highly-targeted messaging that really lands, the difference between a near-miss and a major incident comes down to chance."

Technology applications

Companies are increasingly deploying machine learning and analytics to spot irregular activity patterns and fraudulent transactions. INFORM, which supports clients across financial, insurance, and logistics industries, points to its RiskShield platform as an example. The system leverages artificial intelligence and advanced analytics to monitor, detect, and manage suspected fraud across multiple operational channels.

The combination of targeted employee training and automated monitoring is seen as vital in closing the gaps that fraudsters can exploit. Informing staff members not just about general risks but also about specific tactics and real-world attack examples is becoming standard practice among larger organisations.

Ongoing vigilance

International Fraud Awareness Week is bringing a sharper focus to the challenge, with hundreds of organisations worldwide sharing insights and hosting workshops to bolster defences. The effort also involves sharing knowledge between businesses and encouraging community engagement to ensure awareness is not limited to annual campaigns but is embedded in daily operations.

Research and commentary suggest that the rapid pace of change in fraud tactics keeps security and risk leaders on alert. The use of coordinated, cross-disciplinary teams and external partnerships is growing as the private sector moves to address what is now seen as an omnipresent organisational threat.