Global Fraud Totals $3.5 Trillion

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Before this, I ‘ve wrote about credit card fraud and today I’ve found a news about report shows global fraud. Global fraud is a big problem worldwide. From the study of Nations on Occupational Fraud and Abuse the study found that organizations lose an average of 5% from their revenues to fraud each year with a median loss of $140,000.
The most expensive fraud type was financial statement fraud that make company loss of $1 million. Asset misappropriation frauds resulted in a median loss of $120,000. In the US, employees made about 43% of perpetrators while managers accounted for about one-third of criminals. Owners and executives accounted for less than one-fifthe of frauds, the median loss resulting from their schemes was the highest $373,000 versus $50,000 for employee fraud.
Anti-fraud controls can be effective in reducing both the median loss suffered by organizations hit by fraud, as well as the fraud’s duration.Conversely, several weaknesses were cited by the firms in the study as having created an opportunity for fraud. One, not surprisingly, was a lack of internal controls; this was noted by 36 percent of fraud victims. In about one-fifth of fraud schemes, the perpetrator over-rode existing controls.

Reference :- Businessmag

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