The Association of Certified Fraud Examiners’ (ACFE’s) 2012 Report to the Nations on Occupational Fraud and Abuse estimates the global cost of internal fraud at US $3.5 trillion, or 5 percent of total revenue. And, as we all know, internal fraud is only part of the picture.
Everything is moving faster these days, including fraudsters. Today, a rogue employee with a smartphone, given a weak enough control environment, could transfer significant sums of money offshore in the blink of an eye. According to the ACFE, the average fraudster takes US $160,000 out of a company before the fraud is detected. Little of that money is ever recovered.…