Occupational fraud, or fraud committed by individuals against the organizations that employ them, is often considered one of the most costly and common forms of financial crime.
According to the Federal Trade Commission, the Consumer Sentinel Network received 2.4 million fraud reports in 2022.
Furthermore, the Association of Certified Fraud Examiners’ 2022 Occupational Fraud report revealed that companies lose 5% of revenue to fraud each year on average — with an average loss per case of $1,783,000.
So, how can companies protect themselves? Awareness is key. Learn to recognize and prevent these five common frauds experienced by organizations.