Organizations worldwide lose an estimated 5 percent of their annual revenues to fraud, potentially amounting to over $2.9 trillion, according to a new study.
The study by the Association of Certified Fraud Examiners surveyed CFEs globally as part of a new report on occupational fraud. “Fraud knows no boundaries, and anti-fraud professionals worldwide face more challenges than ever in detecting and combating it,” said ACFE president James D. Ratley in a statement.
The median loss caused by the occupational fraud cases studied for the report was $160,000. Nearly one quarter of the frauds involved losses of at least $1 million. The 1,843 frauds in the study lasted a median of 18 months before being detected.
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