Sleeping companies lose big from employee, executive fraud

By Antone Gonsalves - CSO

Companies that fail to continually watch for employee and executive fraud typically lose 5 percent of revenues each year to insider cunning, which amounts to nearly $3.7 trillion globally, a report found.

The 2014 Global Fraud Study released this week by the Association of Certified Fraud Examiners (ACFE) pegged the median loss from fraud at $145,000. More than 1 in 5 of the almost 1,500 cases analyzed in more than 100 countries had employees walking away with at least $1 million.

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