Through the Looking Glass-
A look into the numbers
According to the ACFE 2014 Report to the Nation on Fraud Statistics, YOUR business will lose will lose to FRAUD Per Year!"The Association of Certified Fraud Examiners report that U.S. Businesses will lose an average of 5% of their gross revenues to fraud." (ACFE.COM)
According to the 2014 ACFE's Report To The Nations small business ranks highest in occupational fraud frequency at 31.8% compared to large corporations, government and non-profits. The biggest contributing factor is the lack of internal controls.
PRIVATE COMPANIES WHICH INCLUDE SMALL BUSINESSES RANKED AT 42.1%. The resources on fraud prevention that are available are limited to the small business owner, especially in what their budget can afford. The numbers are staggering!!!
The small business has ranked highest in fraud frequency from the ACFE's report the nation from 2002 to 2012 combined averages shows that small businesses fraud frequency are at 37.7% compared to larger organizations at a 20.85%. These statistics show that the small business owner does not have the proper tools or training to prevent fraud from occurring in their business. Fraud that could be catastrophic to a smaller organization. Corruption is now the most common fraud schemes perpetrated against victim organizations. Billing Schemes ranked second.
Major financial exploitation of elderly was self-reported at a rate of 41 per 1,000 surveyed, which was higher than self-reported rates of emotional, physical, and sexual abuse or neglect.
Lifespan of Greater Rochester, Inc., Weill Cornell Medical Center of Cornell University. & New York City Department for the Aging. (2011) Under the Radar: New York State Elder Abuse Prevalence Study. New York: Author.
Conservatively, fraud steals $80 billion a year across all lines of insurance. (Coalition Against Insurance Fraud estimate).
Fraud comprises about 10 percent of property-casualty insurance losses and loss adjustment expenses each year; and
Property-casualty fraud thus equals about $32 billion each year. (Insurance Information Institute, March 2015)
Identity Theft / Fraud Statistics Data
Average number of U.S. identity fraud victims annually 12,157,400
Percent of U.S. households that reported some type of identity fraud 7.5 %
Average financial loss per identity theft incident $5,130
Total financial loss attributed to identity theft in 2014 $26,350,000,000
Total financial loss attributed to identity theft in 2013 $24,700,000,000
Total financial loss attributed to identity theft in 2012 $21,000,000,000
Total financial loss attributed to identity theft in 2010 $13,200,000,000