According to research conducted by the Association of Certified Fraud Examiners (ACFE), U.S. organizations lose an estimated 5 percent of annual revenues to fraud. Based on the estimated U.S. Gross Domestic Product for 2006 – $13.037 trillion – this percentage indicates a staggering estimate of losses around $638 billion among organizations, despite increased emphasis on anti-fraud controls and recent legislation to combat fraud.The ACFE's Report to the Nation on Occupational Fraud & Abuse details the survey results of 1,134 Certified Fraud Examiners (CFEs) throughout the US who were asked to provide specific information on one fraud case he or she had personally investigated that met the following criteria:
-The case involved occupational fraud;
-The fraud occurred within the last two years;
-The investigation of the fraud was complete; and
-The CFE was reasonably sure that the perpetrator had been identified.
The end result is a comprehensive report that sheds light on occupational fraud and abuse while offering stark lessons and valuable insights about its prevention and detection.
Download the report at:
ARC Training’s Tim Salt ( Former Chairman National Fraud Forum and Former Head West Midlands Police Fraud Squad) is in the Russian Far East this week to conduct three days of on-site fraud awareness training for one of Russia's best-known and biggest companies.
For details of how to arrange in-house fraud awareness training with Tim for your management contact David.
