Would you leave the front door unlocked to your closely-held business or nonprofit organization? Of course not. That would give thieves easy access to your assets. Yet a surprising number of organizations don't have strong antifraud controls in place to protect against dishonest people inside their organizations. And theft from insiders — also referred to as "occupational fraud" — can be costly.
Fraud losses vary significantly, depending on the nature of the scam and how soon it's detected. Globally, the median loss is $130,000, according to the findings from the 2018 Report to the Nations on Occupational Fraud and Abuse by the Association of Certified Fraud Examiners (ACFE). Here's a closer look at who was affected and how much was lost, as reported in the latest version of this biennial study.