Small businesses with less than 100 employees will suffer a median loss of $200,000 per fraud
The median duration of a fraud scheme is 16 months
Only 4% of perpetrators had a prior fraud conviction
Tips are by far the most common initial detection method.
(Tips 40%, Internal Audit 15%, Management Review 13%, By Accident 7%, Other 6%)
(Tips 40%, Internal Audit 15%, Management Review 13%, By Accident 7%, Other 6%)
Red Flags of Fraud.
85% of all cases reviewed indicated the fraudster displayed at least one behavioral red flag and 50% exhibited multiple red flags
85% of all cases reviewed indicated the fraudster displayed at least one behavioral red flag and 50% exhibited multiple red flags
Losses caused by men were 75% larger than losses created by women
Asset misappropriation schemes are the most common method of theft with a median loss of $114,000, they made up 89% of the cases reviewed.
Financial statement fraud schemes are the least common but most costly with a median loss of $800,000. They made up 10% of the cases reviewed by ACFE.
Financial statement fraud schemes are the least common but most costly with a median loss of $800,000. They made up 10% of the cases reviewed by ACFE.
MCIS is a Private Investigative firm specializing in Fraud and Forensic Investigative Services
As having been a resource for attorneys and an advocate for the business community; our firm will continue to address complex problems to apply practical and straight forward solutions. Through tested investigative techniques, fraud can be identified, prevented, and resolved. Menge Consulting and Investigative Services offers the most cost-effective solutions to help mitigate your fraud dilemma.