What does fraud really cost companies?`
[tag]Fraud[/tag] is expensive when you look at the dollars lost under the various schemes perpetrated by employees. An estimated 5% of revenues is lost to [tag]occupational fraud[/tag] each year, which amounts to $652 billion in the U.S. alone. These statistics come from the 2006 [tag]Report to the Nation[/tag] on Occupational Fraud and Abuse, published by the [tag]Association of Certified Fraud Examiners[/tag] ([tag]ACFE[/tag]).
Yet people fail to consider the fact that there are many additional costs that are incurred as a result of fraud. Certainly, it becomes expensive to investigate and prosecute these acts. It also causes stress and anger for employees, and that could lead to unexpected turnover. For more on the true cost of fraud, read my article from the [tag]Wisconsin Law Journal[/tag].
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