According to a survey of Ernst & Young, India maintains comparatively higher fraud levels at 42 percent with global level of 27 percent.



The study says that about 42 per cent of the Indian companies do suppose that internal complicity, increasing corruption and tradition of bribery skews up the higher fraud level in India.



Almost fourteen percent of all companies, which responded, have admitted that they have faced several frauds in the last two years.



About thirty-six per cent of the companies, which responded to the survey team, have said that internal collusion with third parties caused the biggest fraud risk.



Twenty-nine percent said that corruption and bribery comes after that. Financial statement fraud is considered as the greatest fraud risk by 14 per cent of the respondents.



According to twenty-four percent of Indian respondents, corporate security prevention and detection, corporate culture ethics, documented formal processes, legislation or raising employee awareness and training are important steps to detect and prevent frauds in any company.



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