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.
Continue Reading for Free
Register and gain access to:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Heather A. Turner
Heather A. Turner is the managing editor of ALM's NU Property & Casualty Group. She can be reached at [email protected].
