According to the recently released Singapore Fraud Survey 2014 by SMU and KPMG, the quantum of losses suffered by companies due to fraud has jumped more than three-fold to about $22 million now compared with just three years ago. The average cost of employee fraud is $457,000. The survey also found that internal parties are involved in 75 per cent of the reported fraud, which is harder to detect and therefore very significant. "Internal fraud is committed by what we call [a] 'knowledgeable insider' who knows the internal controls procedures and how to circumvent them," said SMU Associate Professor of Accounting and Singapore Divisional President at CPA Australia Themin Suwardy.  "The range of things they can commit is also much wider than the external fraudster," he added.