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.