A report released by forensic accountant specialists Warfield & Associates has found that nearly $400 million was lost to industrial fraud, with 89 cases being documented involving 93 employees.


Over the 2001 to 2012 period, the report found that $398 million was stolen, with an average of $4,472,204 per fraud.


The report documented nine cases of over $10 million being stolen, while the largest single amount stolen by an employee was $45.3 million.


Perhaps unsurprisingly, banking was the hardest hit sector, with 30 cases of fraud documented by the report, representing over a third of all cases.


The report also concluded that the main motivation of fraud was to supplement a gambling addiction of the thief, with 46 cases relating to funding gambling of the individual.


Electronic funds transfer was the preferred mode of moving funds, with cheques being phased out by companies. The report warns that EFT theft is likely to increase in prevalence in the future.


The report found that while Victoria recorded the most cases of fraud per state, NSW incurred the largest loss, totalling $153 million.


The full report can be found here