Association of Certifed Fraud Examiners (ACFE)

E. Michael Thomas, CFE, CPA, CIA, a partner with Crowe Horwath, LLP, discusses fraud prevention for financial institutions.

Organizations around the world lose an estimated five percent of their annual revenues to occupational fraud, according to a survey of Certified Fraud Examiners (CFEs) who investigated cases between January 2012 and December 2013. Applied to the estimated 2013 Gross World Product, this figure translates to a potential total fraud loss of more than $3.5 trillion (U.S.).

With fraud costing entities around the globe an estimated 5 percent in lost revenues, the world’s largest anti-fraud organization urges business owners and managers to make fraud prevention one of their top new year’s resolutions for 2014.

National Survey Shows Small Businesses Show Less Concern Until They Become Victims Themselves