The Association of Certified Fraud Examiners’ (ACFE) Occupational Fraud 2024: A Report to the Nations (Report to the Nations) examined over 1,900 real cases of occupational fraud that caused total losses of more than $3.1 billion. Insights shared in the Report to the Nations can aid anti-fraud specialists, organizational leaders and other stakeholders in enhancing their strategies for preventing, detecting and responding to fraud using the following methods:
- Enhance fraud risk assessments, by using heat maps from the Report to the Nations to understand the frequency and impact of occupational fraud. These maps present which fraud schemes are the greatest risk to your organization, by industry and by department.
- Evaluate your anti-fraud program, by comparing its elements with those of other organizations presented in the Report to the Nations, including which anti-fraud controls are most common and which are utilized by small organizations.
- Enhance fraud prevention and detection efforts, by using the Report to the Nations to identify how fraud incidents are most commonly and quickly detected, and which controls are most effective in preventing and detecting fraud.
- Promote the value of prevention to management, by highlighting the risk occupational fraud poses to your organization and illustrating the return on investment from anti-fraud measures. The Report to the Nations can support this effort by presenting the cost of fraud to organizations, how anti-fraud controls affect fraud losses and the importance of providing fraud awareness training.
- Determine the high-risk departments with more frequent or more costly fraud incidents. Recognize common behavioral red flags to pinpoint high-risk individuals.
- Educate management and your anti-fraud team about occupational fraud and ways to effectively combat it by sharing key findings from the Report to the Nations.
If you’d like to review the key findings in the Report to the Nations or your organization needs assistance with fraud detection, fraud risk assessment or fraud prevention efforts, please contact our team.
About Schneider Downs Business Advisory
Our experienced team of business advisors, consisting of Certified Fraud Examiners (CFEs), Certified in Financial Forensics (CFFs) and Certified Mergers and Acquisition Advisors (CM&AAs), leverages their industry expertise to maximize value and minimize risk proactively or during acquisitions, litigation, arbitration, corporate reorganization and other major business transactions and transitions. To learn more, visit our dedicated Business Advisory page.
