6 facts about fraud! And why you need an ethics reporting system
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Transcript of 6 facts about fraud! And why you need an ethics reporting system
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6 Facts About FraudHow you can benefit from an ethics reporting program
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Think you're immune to fraud?
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Here's 6 fraud facts you maywant to pay attention to.
may travel to readhere your eyeHARK!
about FRAUD
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49% of victim organizations donot recover their losses.
Almost half of all victim organizations discover theirlosses LONG after they have been spent!
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Small businesses areparticularly vulnerable to fraud.
Fraud costs small business a median loss of $155,000.For most, that's unrecoverable!
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The median time for frauddetection is 18 months!
18 months is a long time to continually bleed acompany. It's devastating and at times non-recoverable.
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43% of all private companies havereported experiencing fraud.
The other 57%? It's just a matter of time. Privatecompanies need to ensure they put internal controls inplace.
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33% of all business failures orbankruptcies are due to theft andfraud.
This is one fact all small business owners need to beaware of. Smaller operators NEED to have a reportinghotline!
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The #1 fraud detection method is aTIP.More fraud is detected by anonymous employee tipsthan by all other means combined!
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Conclusion
The #1 fraud detection method is a TIP33% of all business failures or bankruptcies are due totheft and fraud43% of all private companies have reported experiencingfraudThe median time for fraud detection is 18 monthsSmall businesses are particularly vulnerable to fraud49% of victim organizations do not recover their losses
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Download a Fraud Prevention Checklist
www.whistleblowersecurity.com