April 1, 2015 – The Association of Certified Fraud Examiners reported the typical organization loses 5% of its annual revenue to occupational fraud. Applied to the estimated 2013 Gross World Product, that’s potentially more than $3.7 trillion fraud loss, up from $2.9 trillion total in 2009. You may be stunned to learn the report also found:

• The median loss caused by the occupational fraud cases is estimated at $145,000.
• Nearly one–quarter of the frauds involved losses of at least $1 million.
• The frauds lasted a median of 18 months before being detected.

It isn’t all bad news. The ACFE reports that, “The presence of anti-fraud controls is associated with reduced fraud losses and shorter fraud duration.”

Dopkins recently co-presented a panel discussion with KeyBank, Phillips Lytle LLC and Peter Vito & Associates. To learn more, click here.

You can take steps to reduce your exposure. Gain insight into the most effective ways to prevent, deter and detect employee fraud.

For more information, please contact Bart McGloin at bmcgloin@dopkins.com.

About the Author

Bart F. McGloin CPA CFE

Bart McGloin serves as the executive in charge of the Firm’s Assurance Services Group and also leads the Firm’s Forensic Accounting service team. He specializes in forensic accounting matters including fraud and embezzlement cases, litigation support services, and fraud prevention techniques. He also has substantial experience effectively working with organizations with respect to matters of financial reporting, internal controls and governance.