According to a KPMG Singapore Fraud 2014 Survey released on Wednesday and done for the first time in conjunction with SMU, more large transactions and more funds washing about in the financial services sector may have contributed to a significant jump in the cost of fraud incidents in recent years. The cost of these incidents has increased by a whopping 238 per cent to $22 million this year from $6.5 million in 2011. The survey found that 58 per cent of fraud incidents this year were perpetrated by employees, up from 47 per cent in 2011, and the average cost of such incidents per employee was $457,000.