ACFE Report: Businesses Losing 5% of Revenue to Fraud

 Wednesday, June 4, 2014

 CPA Practice Advisor

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.). The Association of Certified Fraud Examiners (ACFE) published the results of the survey in its highly anticipated 2014 Report to the Nations on Occupational Fraud and Abuse. The report includes data compiled from 1,483 cases of fraud submitted by CFEs globally.
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