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ARTICLE · 23 MAY 2014

Detecting And Preventing Fraud In Your Business

Crowe Soberman LLP
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Where illegitimate opportunity for personal gain exists with a small chance of being caught, there is a higher likelihood that the opportunity will be exploited.

CanadaAccounting and Audit
Jim Muccilli
Jim Muccilli
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Where illegitimate opportunity for personal gain exists with a small chance of being caught, there is a higher likelihood that the opportunity will be exploited.

Small and medium-sized businesses (SMBs) are highly susceptible to such opportunities. SMBs make up 32 percent of occupational fraud cases reported in a 2012 survey by the Association of Certified Fraud Examiners (ACFE).

Fraud is not cheap. The ACFE survey also shows that private companies experienced median losses of $200,000 per incident. This loss is in addition to time and energy spent dealing with the fraud once uncovered. Since nearly half of victim organizations do not recover the losses, prevention and early detection is the most cost-effective way to limit fraud.

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