Facts You Didn’t Know About Internal Fraud

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Presentation Description

Here are some surprising facts of frauds within organization Corporate Business Solutions provides Certified Fraud Examiners Service, that helps to save your business time and money.

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Presentation Transcript

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Surprising Facts You Didn’t Know About Internal Fraud

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Did You Know…? The average company loses about 5% of annual profits to employee theft. Embezzlement is the most well-known form of internal fraud, but not the most practiced.

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Some Interesting Fraud Statistics 33% of all businesses that fail or go bankrupt do so because of fraud. 43% of private companies have reported fraud experiences in their organization.

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What is Fraud, Though? The dictionary defines fraud as “a deliberate action by an individual or entity to cheat another, causing damage”. Fraud, in this instance, refers to theft or unlawful taking of company resources, including money.

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Workplace Fraud Examples A bookkeeper falsifies the books to cover their taking of company money Employees steal company inventory or products An accounts payable clerk takes a cut when accepting payments

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The Numbers Don’t Lie 49% of organizations subjected to fraud do NOT recover their losses It takes an average of 18 months to detect fraud in a business 25% of cases involve losses over $1 million

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Types of Fraud Asset Misappropriation: Misuse or theft of company assets, both tangible and not. Corruption: Bribery, etc. Financial Statement Fraud: Someone falsifies records to cover stealing cash.

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Did You Know… Tips are the #1 source of detection in most fraud cases. Planning ahead with certified fraud examiners can save your business time and money

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Your source for business consulting, including certified fraud examination services. Your source for business consulting, including certified fraud examination services. www.cbs-cbs.com/ www.facebook.com/CorporateBusinessSolutions

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