As the news about the unprecedented fraud conducted by Jérôme Kerviel at Société Générale continues to unfold before our eyes, it’s easy to chalk this up as perhaps interesting reading but something irrelevant to most of us. But the unfortunate truth is fraud is happening every day, to companies of all sizes, and in every industry.
The 2006 Report to the Nation on Occupational Fraud and Abuse is a sobering read. In it, the Association of Certified Fraud Examiners (ACFE) has compiled data from over 1,000 fraud cases covering every imaginable company. From it, I thought the following figures were particularly relevant to our industry: Read the rest of this entry »
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