The Association of Certified Fraud Examiners (ACFE) recently published its 2016 global fraud report. Over the last 20 years, the Report to the Nations on Occupational Fraud and Abuse has taught valuable lessons about the costs, schemes and methods used to detect white collar crime by analyzing real-world fraud cases.
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Topics: Commercial Banking, Commercial Lenders, Fraud Detection, Uncategorized
Skimmer frauds cost U.S. businesses billions of dollars annually, according to a report released by the Association of Chartered Certified Accountants USA (ACCA) and Pace University in February. The average loss per skimmer scam was roughly $50,000 in 2011, up from $30,000 in 2010. This trend shows no signs of stopping.
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Topics: Accounting, ATM, Advisory, Borrowers, Card Readers, Commercial Lenders, Electronic Payments, Fraud, Fraud Detection, Skimmer Scams, Transactions, Uncategorized
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