MUMBAI: Indian companies are unprepared to deal with frauds emitting from the social media as they still consider issues like diminishing ethical values, bribery and corruption, theft of funds, vendor favouritism and conflict of interest as top concerns a survey by audit and consultancy firm Deloitte Touche Tohmatsu said.Large companies are focussed on well know frauds but they are not prepared to tackle new concerns emitting from the social media and anti-competitive behaviour, whereas small and medium enterprises (SMEs) lack the commitment to mitigate fraud, mostly detecting them by sheer accidents.Deloitte surveyed 309 companies and professionals between October and November 2016. 168 of these companies were large, 48 were small and medium enterprises (SMEs) and 93 were corporate professionals.70% of large companies, 54% of SMEs and 65%v of professionals expect frauds to rise in the coming years but Indian organisations have a long way to go in effectively mitigating frauds, Deloitte said.“Many organisations have been unable to keep up with the advancements in the hacking ecosystem and remain equipped with old cyber security models designed to keep the ‘hacker-of-the-90s’out,” Deloitte said.Rise in digital bank transactions have also raised the risk of frauds but companies are not alive to the danger. “We are living in a reactive environment. Its only when something goes wrong that companies think about mitigating the risks whereas fraudsters are proactive. However, markets will force organisations to change because of the risk on corporate businesses,” said Rohit Mahajan , Asia Pacificleader and head forensic financial advisory at Deloitte India.The rise in cashless transactions will lead to risks from phishing, cyber attacks, fake KYC or even commission frauds by agents. Companies have to build a strong technology platform, leverage data analytics and ensure strong disciplinary action on suspects to prevent frauds.Companies have to also establish anti-fraud procedures, form dedicated teams to monitor e-commerce and conduct rigorous due diligence before associating with third party companies in order to prevent e-commerce frauds, Deloitte said.