More than 1,400 cases of occupational fraud were reported in the release of the Association of Certified Fraud Examiners’ (ACFE) biennial “Report to the Nations on Occupational Fraud and Abuse.” In the report, examiners explore the costs, methods, perpetrators, and victims of occupational fraud. The cases of occupational fraud included in the report cover over 100 countries, with nearly half being in the United States.
Details of the report state that the “typical organization loses five percent of yearly revenue due to fraud,” which can be translated to a median loss of approximately $145,000. To escalate the issue, twenty-two percent of fraud cases that were surveyed involve $1 million, or more, of losses. Interestingly, the most common form of detecting fraud was company whistleblowers, rather than investigations or audits. More information on the most common types of fraud and what types of companies are most at risk are found in the 2014 report by following the link below.
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