Fighting Business Fraud

The cost of business fraud is ramping up, said the Assoc. of Certified Fraud Examiners (ACFE). In its biannual report, the ACFE said the median fraud loss per incident rose in the last two years from $117,000 to $145,000. The good news is, more businesses have adopted fraud detection and prevention measures.

The top methods of detection are tips, internal and external audits, and management reviews. The best defenses against fraud are robust internal controls, including surprise audits, management review and fraud training, the report found. Fraud training sends a powerful message to dishonest people of the intention to fight fraud where it occurs. Learn more here.