Close

Are you in compliance?

Don't miss out! Sign up today for our weekly newsletters and stay abreast of important GRC-related information and news.

×

Status message

Start your free, no obligation 10-day trial to continue exploring with full access.

Report: Fraud Loss at $3.7 Trillion Globally

Jaclyn Jaeger | May 27, 2014

Occupational fraud costs companies an estimated 5 percent of their revenue annually, according to the latest data from the Association of Certified Fraud Examiners. Applied to the estimated Gross World Product, this figure translates to a potential projected global fraud loss of more than $3.7 trillion.

First published in 1996, the ACFE's Report to the Nations helps compliance departments to justify budgets and satisfy performance metrics. The ACFE's latest report surveyed fraud examiners in more than 100 countries and examined 1,483 cases of fraud from October 2013 to December 2013.

The median loss caused by occupational fraud in the ACFE study was $145,000, with 22 percent of the cases involving losses of at least $1 million.

The smallest organizations tend to suffer disproportionately large losses due to occupational fraud. Additionally, the specific fraud risks faced by small companies... To get the full story, subscribe now.