Did you know that the typical organization loses 5% of its annual revenues to fraud?
Croixstone Consulting has joined leading companies (including Accenture, Bank of America, Barclays Bank, Deloitte, EY, General Mills, Grant Thornton, IBM, Oracle, PricewaterhouseCoopers, TD and TIAA) in a global effort to minimize the impact of fraud by promoting anti-fraud awareness and education during International Fraud Awareness Week (November 13-19, 2016).
Sponsored annually by the Association of Certified Fraud Examiners (ACFE), International Fraud Awareness Week addresses the staggering cost of fraud. According to the ACFE:
- The organization analyzed 2,410 occupational fraud cases that caused a total loss of more than $6.3 billion
- The median loss from a single case of occupational fraud was $150,000
- More than 23% of occupational fraud cases resulted in a loss of at least $1 million
- Median losses varied by region (USA = $120,000)
- Of the three major categories of occupational fraud, financial statement fraud caused by far the greatest media loss per scheme
- When owners or executives committed fraud, the median damage was more than 10X worse than when employees were the perpetrators
- The more people conspiring in an occupational fraud, the higher the losses tend to be
Learn more about the ACFE and International Fraud Awareness Week here.