Author: Ed Elsner, CPA, CFE
The ACFE (Association of Certified Fraud Examiners) has recently released its bi-annual study on occupational fraud. This report includes case studies covering over $6.3 billion in fraud losses. Six billion is a very large dollar amount; however, it is small in comparison to the total worldwide fraud, which is $3.7 trillion annually.
A few key statistics:
- 23% of fraud cases result in fraud of over $1,000,000
- The median loss in if the cases was $150,000
- The median duration of a detected fraud was 18 months
For more information on occupational fraud, please contact Ed Elsner at (231) 726-5848 or firstname.lastname@example.org.