The numbers are astounding. According to the Association of Certified Fraud Examiners (ACFE), an estimated 5 percent of annual revenues are lost to financial crime. Whether your company is big or small, public or private, with statistics like these it is more likely than not that it will fall victim to the three-headed beast of fraud, waste and abuse.
Fraud is, in one word, expensive. In the ACFE’s 2014 Report to the Nations, the median loss caused by fraud was $145,000. Of the companies in the study, 58 percent of the victim organizations made no recovery of their losses, and only 14 percent made a full recovery. The actions your company takes when faced with employee wrongdoing can be the difference between whether it recovers or suffers further losses.
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