Fraud Losses at U.S. Public Companies Focus of New Report

The Impact of Fraud at U.S. Public Companies Benchmarking Report shares insights on all forms of fraud within publicly traded companies in the U.S.

AUSTIN, Texas (July 29, 2025) – A new report by the Association of Certified Fraud Examiners (ACFE) and the Anti-Fraud Collaboration (AFC) is shining a light on the potential magnitude of fraud losses at publicly traded companies in the U.S., reported by those within or with close ties to these organizations.

The Impact of Fraud at U.S. Public Companies Benchmarking Report compiles data from individuals with significant roles in relation to U.S. public companies, including current employees, those in governance roles, consultants and advisors, external auditors and government regulators.

Participants who work directly with a specific U.S. public company provided their organization's total revenue and the actual amount of known fraud losses in 2023 and 2024. Additionally, all participants shared insights into the fraud landscape within the organization, including the likelihood and significance of fraud risks, the perceived past, current and future levels of fraud, contributing factors of fraud and more.

Key findings of the report include:

• Known Fraud Losses: The U.S. publicly traded companies in the study were reported to have lost a median 1.06% of annual revenue to known frauds in 2024. When positioned against the annual revenues of these companies, known fraud losses can amount to billions of dollars. These known fraud losses, provided by employees and board/audit committee members, remained consistent year over year.
• Contributing Factors of Fraud: When asked to rank 10 factors they believe contribute to fraud at U.S. public companies, employees rated the regulatory environment as the most significant contributing factor. External auditors cited economic conditions as the most significant contributing factor of fraud.
• Looking Back and Looking Forward: Two-thirds of participants said they believe that the overall level of fraud has increased over the past two years, and more than 70% rated the current level of fraud as medium or high. Looking toward the future, two-thirds of participants believe that the overall level of fraud will increase over the next two years.

"This report shows that fraud is not a victimless crime, even at larger corporations where people may think they can bear the brunt of large financial impacts," said ACFE President John Gill, J.D., CFE. "The losses these companies face are significant, both financially and in many other ways. Fraud can impact a public company's stock price, reputation, ability to hire and much more. Our goal in sharing these findings is for anti-fraud professionals, company management, financial reporting stakeholders and the general public to better understand the risk that fraud poses to U.S. public companies."

"Every member of the financial reporting ecosystem plays a critical role in deterring and detecting fraud, and we are excited that this report can arm key stakeholders with insights about fraud risks specific to U.S. public companies. Remaining vigilant, including exercising professional skepticism and having a questioning mind, are vitally important in the fight against fraud," added Dennis McGowan, Vice President, Professional Practice and Anti-Fraud Initiatives at the Center for Audit Quality.

To request a copy of The Impact of Fraud at U.S. Public Companies Benchmarking Report in its entirety, contact PR@ACFE.com.

About the ACFE

Founded in 1988 by Dr. Joseph T. Wells, CFE, CPA, the ACFE is the world's largest anti-fraud organization. Together with more than 95,000 members, the ACFE works to reduce business fraud worldwide and inspire public confidence in the integrity and objectivity within the profession.

Contact the ACFE 

For more information, email PR@ACFE.com.

About the Anti-Fraud Collaboration

The Anti-Fraud Collaboration was created with the recognition that fighting fraud is a shared responsibility across the financial reporting ecosystem. The Center for Audit Quality (CAQ), Financial Executives International (FEI), The Institute of Internal Auditors (IIA), the National Association of Corporate Directors (NACD), and the Association of Certified Fraud Examiners (ACFE) representing members of the financial reporting ecosystem, have formed a collaboration dedicated to advancing the discussion of critical anti-fraud efforts through initiatives focused on the following mission: Enhance the effectiveness of financial fraud risk management by promoting anti-fraud policies, procedures, controls, and practices, including those enhanced or enabled by technology.