Fraud up 22%.

• Position: CalCPA News

The average company's loss because of fraud has increased by 22 percent, largely driven by the credit crunch and tough economic climate, according to the Kroll Global Fraud Report.

Companies lost an average of $8.2 million to fraud in the past three years, compared to last year's figure, which stood at $7.6 million. The figures are a result of a survey Kroll commissioned from the Economist Intelligence Unit of 890 senior executives worldwide.

The fastest growing types of fraud were information theft (27 percent, up from 22 percent) and regulatory and compliance breaches (25 percent, up from 19 percent)...