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Volume 29, Issue 4

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Tuesday, 10 June 2014 16:07

Five Lessons for businesses from the latest fraud statistics

Organizations around the world lose an estimated 5 percent of their annual revenues to occupational fraud, according to a survey of Certified Fraud Examiners (CFEs) who investigated cases between January 2012 and December 2013. Applied to the estimated 2013 Gross World Product, this figure translates to a potential total fraud loss of more than USD 3.7 trillion.

Based upon the findings in its 2014 Report to the Nations on Occupational Fraud & Abuse, the Association of Certified Fraud Examiners (ACFE) presents five of the top lessons business owners, directors and managers should heed to be better protected from the risk of fraud: