Three in five companies reported actual or attempted fraud in 2013, which is very serious. Organizations lose five percent of revenues to fraud each year. The median loss per fraud comes out to a whopping $140,000. So, who done it? In 2012, it was employees 43 percent of the time; managers 34 percent of the time; and owners about 18 percent of the time. Perpetrators tend to belong to the accounting, operations, sales, executive/upper management, and customers departments.
In smaller businesses, payroll fraud tends to be a major problem. Ghost employees are created and paid, and a manager or employee usually collects the salary. Some signs of payroll fraud happening include paychecks without taxes, duplicated social security numbers and contact info. This may potentially prevented by randomly requiring ID to receive paycheck and mandating direct deposit. Large businesses often deal with accounts payable fraud. Money flowing from business to vendors, bills, etc. is targeted. About 80 percent of payment fraud is through checks. Publicly traded businesses must content with financial statement fraud where money coming into the business from investors or creditors is targeted.
To learn more about business-related frauds, check out the full infographic! Have you worked at a company where fraudulent activity was taking place? Please share in the comments!
via Business 2 Community http://ift.tt/1x6kg2C
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