Fraud is commonplace and can happen to any business, as evidenced by the frequent news stories on the subject. Though business owners have developed a heightened awareness of the potential for fraud, the 2016 Global Fraud Study by the Association of Certified Fraud Examiners (ACFE) revealed that the impact on businesses continues to grow. For some perspective, try to absorb that the total loss reflected in the 2016 study of just 2,410 reported cases was $6.3 billion, with median loss for all U.S. cases at $120,000 and 23.2% of cases causing losses of $1 million or more.
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Topics: Fraud Checklist, Fraud Detection, Fraud Prevention, Small Business, Uncategorized