Unfortunately, these are the companies that often get burned by fraud. Why? Because experts say that fraud is 90% opportunity and 10% motivation. That means even “good, trusted people” can perpetrate corporate fraud if the circumstances are right and the money is there for the taking.
But even companies that don’t live in denial of fraud risk can be a victimized. Consider the results of a new study by the Association of Certified Fraud Examiners. It reveals some startling facts about fraud’s impact on today’s businesses.
- The median loss to companies victimized by fraud exceeds $159,000.
- The typical fraud scheme will run 18 months before it is detected.
Fraud covers a lot of ground and is a difficult problem to pinpoint. It can be committed by employees, managers, executives, vendors, customers or unknown parties … and it can range from simple theft of company supplies to long-term, meticulous manipulation of financial statements.
So how do you get your arms around this seemingly impossible problem? How do you fight an enemy such as fraud without an understanding of what the enemy looks like?
That’s why we invite you to join us for this upcoming audio conference. We’ve asked Stephen Nelder and Lance Randolph from the Anti-Fraud Services division of CBIZ to share their insights on spotting and preventing fraud. They’ll discuss the key findings of the 2006 national fraud study and give you specific ideas to protect your organization.
The program will cover:
- Key highlights from the Association of Certified Fraud Examiners 2006 Report to the Nation
- Characteristics of companies most likely to be victimized
- The most common types of fraud schemes
- How frauds are most often detected – surprisingly, it’s not through audits or internal controls – and how long it takes for frauds to be detected
- Statistics of who commits fraud within an organization – and how that impacts the potential loss.
- What companies should be doing to combat fraud – minimum standards and extra-credit
- What to do if you think you have uncovered fraud, and
- How to recover losses resulting from fraud.
ABOUT THE SPEAKER: Stephen M. Nelder, CPA, CFE is Vice President of Anti-Fraud Services for CBIZ Harborview, LLC. Prior to this Mr. Nelder was the founding member of Investigative & Forensic Accounting Services, LLC (“IFAS”) which specializes in the prevention and detection of white collar fraud. Mr. Nelder is a Certified Public Accountant and Certified Fraud Examiner with over 25 years experience assisting clients with issues of occupational fraud and abuse.
Lance Randolph is a Director of Anti-Fraud Services dedicated solely to either investigating allegations of fraudulent activity or proactively seeking out indicators of unreported illicit behavior of our clients’ suppliers, customers, or employees.
