Fraud is one of those unpleasant business issues that many would rather not discuss. For those who have fallen victim to fraud, it can be a challenging topic while for others they would rather not give attention to something which has never happened in the business. It is understandable why it is not a popular topic in the boardroom, but it is one that businesses of all sizes need to carefully consider. The risk of not addressing the topic is one that Atlanta businesses can not afford to take. According to the 2020 Global Study on Occupational Fraud and Abuse, a typical fraud scheme lasts 14 months and typically results in a loss of $8,300 per month. In addition, it was also revealed that small businesses are two times more likely to experience billing and payroll fraud and four times more likely to experience check tampering and payment tampering than large businesses. This information demonstrates the need to regularly review and update fraud prevention measures. To help clients, prospects, and others, Wilson Lewis has provided a summary of the key findings below.
About the Study
The study contains information from 2,504 cases of occupational fraud committed between January 2018 and September 2019. The data used in the analysis was gathered through the 2019 Global Fraud Survey from Certified Fraud Examiners including 77 questions about fraud case investigation specifics. Key data collected includes the method of fraud employed, loss, victim organization, means of detection, and response by victim organizations. The information presented is taken from cases that occurred in 23 industries.
Key Study Insights
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The information uncovered in the report illustrates the devastating financial impact that fraud leaves in its wake. It also provides important information about the nature of common fraud schemes which is important to the design of prevention measures. If you have questions about the information outlined above or need assistance with a fraud issue, Wilson Lewis can help. For additional information call us at 770-476-1004 or click here to contact us. We look forward to speaking with you soon.
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