How Much Does Fraud Cost?
The report starts with a projection of total fraud losses.
In doing so the ACFE recognizes that its decision is based on imperfect data. Even with these limitations on projecting the total amounts lost to fraud, however, we know that such a projection has an important place in the fight against fraud. Consequently, the ACFE asked survey participants, based on their professional experience, what percentage of revenues they believe a typical organization loses to fraud each year. The median response provided by these CFEs is that organizations lose 5% of their annual revenues to fraud. While this number is only a general estimate based on the opinions of the CFEs who took part in our study, it represents the collective observations of more than 2,000 anti-fraud experts who together have investigated hundreds of thousands of fraud cases. To place their estimate in context, if the 5% loss estimate were applied to the 2017 estimated Gross World Product of USD 79.6 trillion, it would result in a projected total global fraud loss of nearly USD 4 trillion. To be clear, this number is only an estimate and, given the limitations it is unlikely anyone will ever be able to calculate the true cost of fraud on a global scale. But we can be certain that the amount of damage is incredibly large, and this estimate, provided by anti-fraud professionals who work to prevent and detect fraud on a daily basis, helps give us some insight into just how big the problem may be.
- The Burning Bed
- May 1 is Law Day In the U.S.A.
- How Much Does Fraud Cost?
- The Third Largest Insurance Market in the World Also the Market for Insurance Fraud Perpetrators
- Florida CFO Releases List of Top 10 Most Wanted Insurance Fraudsters
- Good News From the Coalition Against Insurance Fraud
- Physician Heal Thyself – in Prison
- Health Insurance Fraud Convictions
- Chutzpah” by an Arsonist
- Other Insurance Fraud Convictions
- Zalma Books
- The Compact Book on the Commercial Property Insurance Policy
- Insurance Fraud & Weapons to Defeat Insurance Fraud – Volumes One and Two
- Rescission of Insurance
- Ethics for the Insurance Professional
- Random Thoughts on Insurance – A Collection of Blog Posts from Zalma on Insurance)
- The Insurance Examination Under Oath
- The Compact Book on Adjusting Liability Claims
- The Compact Book on Adjusting Property Claims
- The California Fair Claims Settlement Practices Regulations.
- The California SIU Regulations.
- Passover Seder for Americans” An All English – Easy to Perform – Passover Seder Paperback
- Heads I Win, Tails You Lose
- Arson for Profit
- Murder & Old Lace
- Murder and Insurance Fraud Don’t Mix
- Candy & Able – Murder for Insurance Money
The Runt – a short story
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