The study aims to assess the factors that cause fraudulent financial report in Indonesia by using Fraud Hexagon Theory of fraud. Database uses in the study is from Indonesia’s banking industry year 2019 and 2020. Multiple regression analysis method is applied to analyze the data. Result shows pressure (external) and the element of opportunity (quality of external auditors) correlate positively with fraudulent financial reports. On the hand, proxies such financial stability, financial targets, effective monitoring, number of audit committees, audit turnover, total accruals, GCG score, CEO ego, and WBS – show null correlation. However, all variables in Fraud Hexagon Theory affect fraudulent financial reports simultaneously.