Frightening Fraud Facts

Frightening Fraud Facts

There is a significant reason why we are supporting the Association of Certified Fraud Examiner’s fraud week awareness campaign. Just take a look at these frightening fraud facts.

fraud investigation

Based on 2,690 cases of occupational fraud from 125 countries (ACFE Report to the Nations 2018):

  • US$7 billion in total losses
  • 22% of cases caused a loss of US$1 million+
  • internal control weaknesses were responsible for 50% of the fraud cases
  • corruption was the most common scheme
  • 16-month median duration of a fraud scheme
  • 85% of fraudsters displayed at least one behavioural red flag; 50% of fraudsters displayed multiple red flags
  • fraudsters who had been at the company longer – stole twice as much
  • tips (40%) are by far the most common initial detection method; followed by internal audit and management reviews (28%)

 

And closer to home, in the UK:

  • 3,809,000 frauds were attempted between April 2018 and March 2019, making fraud the most prevalent offence in the UK last year
  • In 2017, £190 billion was taken out of the British economy due to fraud, according to annual fraud indicators
  • 693,000 frauds were reported to the City of London Police in 2018 (comparatively 4,000 in 1916 – 134,000 in 2006).
  • £408 million in losses from unauthorised payment fraud (stealing of card payment data) in the UK since January 2019

 

If a suspicion of fraud has arisen we trust our clients’ instincts and consult with them to develop the next course of action. We help them analyse the evidence and circumstances surrounding the suspicion and set out clear objectives in an investigation plan.

Whatever the investigation, each case must begin with the intention and preparation that it could end in litigation.

Please visit www.tenintel.com/investigations, where you can find out how we support clients with fraud investigation and digital forensics support.

Alternatively, please follow us on LinkedIn and Twitter @TenIntelligence.

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