2010 Report to the Nations - Media Coverage
September 9, 2010
How To Spot A White-Collar Criminal
"Each year more research is done to try to flush out the next white-collar criminal with hopes of catching them early in the act, and not 20 years into the crime (a la Bernard Madoff). The Association of Certified Fraud Examiners (ACFE) has done significant research and has been at the forefront of studying white-collar crime. When I took a look at ACFE’s 2010 information on the profile of an offender, I was shocked that the description was…of me… and many of you reading this. They are young, well-educated, aggressive, go-getters who get tripped up along the way."
- Forbes Online
September 6, 2010
Money and Company
"Who’s most likely to steal from you? A fraud suspect is not easy to stereotype. That’s the word from the Assn. of Certified Fraud Examiners, which issued a recent report about the traits of people who steal from their employers. The average perpetrator has no criminal record, is more likely to be male than female, and is 31 to 45 years old, the group said in a report released Thursday."
- Los Angeles Times
September 6, 2010
Profile of a Fraudster: Does Your Company Have One?
"A fraud suspect might not be easy to pick out of a crowd -- or from a rap sheet. The average fraud perpetrator has no prior fraud charges or convictions, according to new research by the Association of Certified Fraud Examiners (ACFE), provider of anti-fraud training and education. The offender is commonly between the age of 31-45, and somewhat more likely to be male than female."
- AccountingWeb
August 19, 2010
How Much Does Employee Theft Cost?
"...Have your tools grown feet and walked out the door? ...Has your company gas bill doubled since last month? ...Does it take more time for your crews to finish work than it should? ...Are you ordering supplies more and more often? If you answered yes to any of these questions, your business could be suffering from losses due to occupational fraud, or the more common term: employee theft. "
- Irrigation and Green Industry Magazine
August 18, 2010
Costly Fraud: Some 5% of a Company's Annual Revenue is Lost to Occupational Fraud. "That fraud is costly goes without saying, but exactly how costly is it? Recently answers to that question have become available. Some 5% of a company's annual revenue is lost to occupational fraud, according to survey results published by the Association of Certified Fraud Examiners in its 2010 Report to the Nations on Occupational Fraud & Abuse. The median loss by all companies is $160,000, although manufacturing fared worse. For manufacturers, corruption was the leading fraud scheme, representing nearly 49% of the cases."
- Industry Week
July 26, 2010
Tight Times Keep Accounting Fraud Sleuths Busy
"The Association of Certified Fraud Examiners’ 2010 “Report to the Nations on Occupational Fraud and Abuse,” which studied 1,843 cases of occupational fraud worldwide from January 2008 to December 2009, found that the median loss caused by occupational fraud cases was $160,000. Close to one-quarter of the frauds had losses of at least $1 million, according to the study."
- San Francisco Business Times
July 13, 2010
Occupational Fraud in Canada on the Rise
"The median fraud loss for organisations in Canada is about $127,000 (CAD), according to a survey of Certified Fraud Examiners (CFEs) who investigated cases between January 2008 and December 2009. The study found corruption, billing and expense reimbursement schemes were the leading types of fraud reported in these cases."
- Security Matters
June 25, 2010
Europe Fraud Cases ‘Most Costly’ "A typical fraud loss costs European organisations around €485,000, according to a new survey of Certified Fraud Examiners (CFEs). The US-based Association of Certified Fraud Examiners (ACFE) says its study shows corruption and billing schemes were the leading types of fraud reported in European cases and others throughout the world."
- Risk Management Professional
June 24, 2010
Fraud Costs Companies Average of $105,000
"The median fraud loss for U.S. organizations is $105,000, according to a new study, with billing and corruption schemes the most common types of fraud reported. The study, by the Association of Certified Fraud Examiners, surveyed CFEs who investigated cases between January 2008 and December 2009. The report includes global data on 1,843 cases of fraud in 106 nations."
- WebCPA
June 8, 2010
Survey Puts Fraud Loss at $2.9 Trillion Globally in 2009
"Occupational fraud costs organizations about 5 percent of their revenue annually, according to the latest data from the Association of Certified Fraud Examiners. In its 2010 Report to the Nations, ACFE says the 5 percent figure applied to the gross world product suggests fraud cost the global economy more than $2.9 trillion in 2009. ACFE surveyed fraud examiners in 106 countries examining 1,843 cases of fraud to reach its conclusions."
- Compliance Week
June 2, 2010
Fraud Skims 5 Percent Off Revenue Worldwide "Organizations worldwide lose an estimated 5 percent of their annual revenues to fraud, potentially amounting to over $2.9 trillion, according to a new study. The study by the Association of Certified Fraud Examiners surveyed CFEs globally as part of a new report on occupational fraud. "Fraud knows no boundaries, and anti-fraud professionals worldwide face more challenges than ever in detecting and combating it," said ACFE president James D. Ratley in a statement."
- WebCPA
June 1, 2010
Something Wicked This Way Comes
"Odds are good that your company is losing money in the worst possible way -- through theft. According to a new biannual study from the Association of Certified Fraud Examiners (ACFE), companies that fell victim to fraud suffered a median loss of $160,000, and 25% of the nearly 2,000 cases examined involved a loss of $1 million or more. Those figures are based on 1,843 global respondents (60% from the United States) who detailed the single biggest fraud they investigated between January 2008 and December 2009."
- CFO Magazine
June 2010
Keeping Fraud in the Crosshairs
"Five percent of annual revenue—that's the estimate of how much money the typical organization loses to fraud, according to participants in the 2010 Report to the Nations on Occupational Fraud and Abuse. The report, prepared by the Association of Certified Fraud Examiners, an international organization of more than 50,000 fraud examiners, CPAs, law enforcement professionals, government officials and others, examines a wide swath of business-related fraud in an effort to pinpoint problems and highlight solutions."
- Journal of Accountancy