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Internal Fraud: Six Ways Your Bank Can Help Reduce Risk
As we have been discussing in this series of articles, no business is immune from the risk of internal fraud. Two-thirds of businesses that responded to a 2012 survey conducted by the Association for Financial Professionals (AFP) said that fraud had been attempted in their organization, and the average internal fraud loss among those that were victimized was more than $20,000. There are many potential reasons why businesses today may be especially susceptible
Occupational Fraud: Five Internal Controls That Can Reduce Your Risk
As we discussed in our last article, businesses of all sizes, in all different types of industries, are potentially vulnerable to the risk of occupational fraud. According to the Association of Certified Fraud Examiners (ACFE) 2012 "Report to the Nations," the typical organization loses five percent of its revenues to fraud each year. What's more, in more than one-fifth of these cases, occupational fraud losses totaled $1 million or more. The fraud cases in the
How to Guard Against Occupational Fraud
Among the many different types of risk faced by business owners and executives, the risk of occupational fraud may be the most dangerous. It's disturbing to think that their own employees could be stealing from them, so many owners just tell themselves that, no, this couldn't happen in their organizations. But this is wishful thinking. In a survey conducted in 2011 by the Association for Financial Professionals (AFP), two-thirds of businesses that responded said
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