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The Daily

Study: Anti-Fraud Controls Can Save Big Money

By:
Chris Gaetano
Published Date:
Mar 30, 2016
BusinessKnightCompanies can save hundreds of thousands of dollars by having proactive anti-fraud controls in place, according to a recent study by the Association of Certified Fraud Examiners. Comparing organizations that had specific anti-fraud controls in place against those without them, the study found that found that where controls were present, fraud losses were 14.3 percent to 54 percent lower and frauds were detected 33.3 percent to 50 percent more quickly. The most effective anti-fraud practice identified by the study was proactive data monitoring: companies that did this had a median loss of $92,000, versus the $200,000 for those that did not. 

The most common sources of fraud in an organization, according to the survey, was accounting, operations, sales, executive/upper management, customer service, purchasing and finance.