ACFE Report to the Nations

The ACFE 2020 Global Study on Occupational Fraud and Abuse has been released. First published in 1996, it claims to be the most widely quoted source of fraud information in the world.

The study covered 2,504 cases from 125 countries reporting total losses of more than $3.6 billion. U.S. findings account for 46% of cases reported.

Here are some highlights.

The average loss per case was $1,509,000.

Typical fraud cases lasted fourteen months before detection.

Financial Statement Fraud Schemes were the least common but the most costly.

Asset misappropriation was the most common type of occupational fraud.

Forty three percent of all schemes were detected by a tip and half of those tips came from employees.

Men committed seventy two percent of all occupational fraud and also caused larger losses than women.

Forty two percent of fraudsters were living beyond their means.

Twenty six percent of fraudsters were experiencing financial difficulties.

The typical fraudster committed more than one type of occupational fraud.

Over half of victim organizations were unable to recover fraud losses with Eastern Europe and Western/Central Asia being the least likely to do so.

To download this report in its entirety:

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