16 terms

ACFE Study of Fraud


Terms in this set (...)

Loss due to fraud is equal to _____% of revenues each year.
-Median loss of $__________.
Fraud lasted a median of _____ months before being detected.
What were the top 2 asset misappropriation schemes that were most common?
Billing and non cash schemes
Fred most likely to be detected by _____.
And the main way this was reported was by_____.
-Telephone hotline
_____ and ______ pose the greatest risk to small organizations.
__________ was the most important contributing factor in fraud being perpetrated.
Lack of controls.
3 industries most affected by fraud:
1. Banking
2. Government and Public Administration
3. Manufacturing
How often is the ACFE Study of Fraud done?
Every 2 years
Most perpetrators were ______.
Perpetrators with biggest loss due to fraud were ______.
Most fraud was committed by _____ person(s).
3 Departments where fraud occurred most often were:
1. Accounting
2. Operations
3. Sales
Majority of frauds were committed by ______ offenders.
The two most common behavioral red flags were ______ and _____.
-living beyond means
-financial difficulties
Main reasons cases were not referred to law enforcement was ______.
fear of bad publicity
The research indicates that _______ of victim organizations do not recover any of their loss.