The KPMG-SMU Singapore Fraud Survey 2014 found that 29 per cent of respondents said their organisations had experienced fraud, up from 22 per cent in the 2011 survey. Internal fraud constitutes 75 per cent of fraud cases in 2014, up from 64 per cent from three years ago, according to the report released on Wednesday. Employees were identified as the main perpetrators, with 58 per cent of respondents indicating so – a hike from 2011’s 47 per cent. Fraud reported in 2014 involving board members and senior management remained unchanged from 2011 at 17 per cent. SMU Vice Provost (Undergraduate) and School of Accountancy Dean, Professor Pang Yang Hoong said that the management team needs to lead by example to send out a message that fraud will not be tolerated.