According to the ACFE’s Report to the Nations, the typical organization loses five per cent of its annual revenue to fraud, translating to a potential total fraud loss of more than $2.9 trillion worldwide.
Median losses in the study were $160,000 with nearly a quarter of them being more than $1 million. The frauds in the study lasted a median of 18 months and the perpetrators often displayed warning signs, such as living beyond their means and experiencing financial difficulties. Anonymous tips were the most common means of detection.
- Smart Hiring
- Employee Training and Education
- Reporting Systems/Hotlines
- Internal Security Policies
- Conducting Regular Audits
- Investigating Incoming Tips