Overture, Inc. assists organizations identify and effectively manage potential fraud risks. In the ACFE’s 2012 Report to the Nations on Occupational Fraud & Abuse, the ACFE found that:
- Fraud schemes are extremely costly. The median loss caused by the occupational fraud cases in the ACFE study was $140,000. More than one-fifth of the frauds involved losses of at least $1 million.
- Schemes can continue for months or even years before they are detected. The frauds in the study lasted a median of 18 months before being caught.
- Occupational fraud is a global problem. Though some findings differ slightly from region to region, most of the trends in fraud schemes, perpetrator characteristics and anti-fraud controls are similar regardless of where the fraud occurred.
- Small businesses are especially vulnerable to occupational fraud. These organizations are typically lacking in anti-fraud controls compared to their larger counterparts, which makes them particularly vulnerable to fraud.
- Tips are key in detecting fraud. Occupational frauds are much more likely to be detected by tip than by any other means. This finding reinforces the need for promoting awareness to foster an informed workforce.
If you suspect your organization is being victimized by fraud, has suffered costly fraud losses, or is in need of procedures to manage the risk of fraud; call Overture for a free consultation.
Overture, Inc. provides many services to aid in the prevention of Occupational Fraud:
- Establish & Monitor Internal Controls
- Develop Code of Ethics
- Assist with Hiring Processes
- Develop Employee Compliance Policies
- Define Roles & Responsibilities
- Develop Reporting Procedures
- Enhance Fraud Awareness
- Conduct Fraud Risk Assessments
- Conduct Investigation Processes
- Provide Continuous Monitoring
