No organization or person is immune to fraud. Defined as a deliberate deception with the intent for financial gain, fraud can come in a variety of forms, making any duplicitous activity, at times, difficult to identify until it's too late.

An estimate from the Association of Certified Fraud Examiners' (ACFE) "Report to the Nations, 2018 Global Study on Occupational Fraud and Abuse," states occupational fraud, also known as internal fraud, accounted for more than $7 billion in total losses globally within a 22-month period in 2016 and 2017.

Types of occupational fraud

Between Jan. 2016 and Oct. 2017, the ACFE studied 2,690 fraud cases across 125 countries to determine how much occupational fraud affects companies worldwide.

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Heather A. Turner

Heather A. Turner is the managing editor of ALM's NU Property & Casualty Group. She can be reached at [email protected].