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The ACFE Releases Occupational Fraud 2024: A Report to the Nations

In the ever-evolving landscape of business operations, the specter of occupational fraud looms large, casting a shadow over both burgeoning startups and established companies.  

To support organizations and anti-fraud professionals in combatting these challenges, the Association of Certified Fraud Examiners (ACFE) has released Occupational Fraud 2024: A Report to the Nations. The 13th edition of the ACFE’s biennial research report continues its pivotal role in shedding light on the pervasive issue of occupational fraud, offering unparalleled insights into the mechanics of fraud within organizations worldwide. 

Explore What’s Inside 

  • Case Studies and Real-World Implications: Detailed analysis of 1,921 actual fraud cases investigated by Certified Fraud Examiners (CFEs), providing insights into the schemes used and lessons learned from these incidents. 

  • Global Fraud Statistics: The report highlights the impact of occupational fraud globally, with losses in the cases analyzed amounting to more than $3.1 billion. 

  • The Impact of COVID-19: Cases in this report were investigated between January 2022 and September 2023. As the typical fraud case lasts 12 months before being detected, the majority of cases in the study likely occurred at the height of the COVID-19 pandemic, and 53% of cases had at least one pandemic-related factor contribute to the occurrence of fraud. 

  • The Profile of a Fraudster: An updated look inside the typical fraudster, including their position within the organization, tenure and the methods they most commonly used to conceal fraud. 

  • Methods of Detection: The 2024 Report to the Nations provides new data on how frauds are being detected, emphasizing the increasing role of technology and data analytics in uncovering fraudulent activities. 

  • Anti-Fraud Controls: An evaluation of the importance of effective anti-fraud controls, with more than half of occupational frauds occurring due to a lack of internal controls or an override of existing internal controls. 

A Legacy of Insight and Vigilance 

Since its inception in 1996, the Report to the Nations has served as a beacon of understanding in the murky waters of occupational fraud. With each edition, we build upon the knowledge of the past, striving to unveil the complexities of fraud in the modern age. The journey from the first report to the newest edition underscores a commitment to unveiling truths and bolstering defenses against fraud. 

Explore the report SOURCE: ACFE Insights – A Publication of the Association of Certified Fraud Examiners

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