The typical business organization loses 5 percent of its annual revenues to fraud with the median loss being $145,000. Is your business in that group? We offer full investigative services once your Company has detected fraud to determine the value and implications of the criminal activity. We also offer fraud prevention analysis to see what areas your Company can improve on to reduce chance of Fraud in the workplace.

1. WHAT IS FRAUD?

Fraud is a knowing misrepresentation of the truth or concealment of a material fact to induce another to act to his or her detriment.

2. HOW MUCH TIME ELAPSES BEFORE FRAUD IS DETECTED?

The median fraud duration from commencement to detection of 18 months.

3. HOW DOES FRAUD AFFECT ORGANIZATIONS?

The typical organization loses 5 percent of its annual revenues to fraud.1 During the time the fraud has gone undetected, the median loss for an organization is $145,000, with nearly a quarter of cases involving losses of at least $1 million.

4. WHAT ARE THE MOST COMMON TYPES OF FRAUD?

Occupational fraud, which is fraud committed by an individual in their role within the workplace, can be broken into three categories:

• Financial statement fraud
• Corruption (primarily bribery)
• Asset misappropriation

Many cases involve more than one category of occupational fraud.

5. HOW MUCH DOES EACH TYPE OF FRAUD COST AN ORGANIZATION?

The median financial losses for occupational fraud are:

• $1 million for financial statement fraud
• $200,00 for corruption and
• $130,000 for asset misappropriation

6. WHAT IS THE BEST METHOD OF FRAUD DETECTION?

Tips are consistently the most effective fraud detection tool. Approximately 40 percent of frauds are detected by tips, making tips twice as effective at fraud detection than management reviews, audits, account reconciliation, document examination, surveillance and monitoring, law enforcement and IT controls.