Occupational Fraud: Still a Growth Industry in 2016

General Business

July 05, 2016
by Marc Courey, CPA, JD, LLM, CFE, CICA, CFF, CCEP

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Marc Courey Marc Courey, CPA, JD, LLM, CFE, CICA, CFF, CCEP
Director of Risk Advisory and Forensic Services

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Occupational fraud is an equal opportunity offender, occurring in any organization regardless of size or industry. Sometimes referred to as workplace fraud or asset theft, occupational fraud is more properly defined as “the use of one’s occupation for personal gain through the deliberate misuse or theft of the employing organization’s resources or assets."

In simplest terms, it’s the full range of willful employee misconduct through which a business loses money. How much money? The most recent estimates from the 2016 Association of Certified Fraud Examiners’ Report to the Nations are staggering. The total loss caused by the cases in its study exceeded $6.3 billion. The median loss for all cases in the study was $150,000, with almost a quarter of cases reporting losses of $1 million or more.

 

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