U.S. businesses lose billions of dollars annually to fraud and abuse ranging from bribery, conflict of interest, and embezzlement to financial statement fraud and kickback schemes.
According to the Association of Certified Fraud Examiners, fraud and abuse cost U.S. employers an average of $9 a day per employee, totaling in excess of $400 billion. In fact, the average company loses about 6 percent of its revenues annually to fraud and abuse committed by its own employees. Losses due to fraud by executives are far greater. Clearly, fraud is a significant problem for business owners, insurance agents, attorneys, lenders, and others.
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