ACFE Report: Median Occupational Fraud Loss in Financial Services Reaches $110,000

A SAP Concur blog post cites the ACFE's 2018 global report on occupational fraud and abuse: total occupational fraud losses reached $7 billion, with median reported fraud losses of $153,000 for insurance and $110,000 for financial services. The most common schemes in banking and finance were corruption (36%) and cash on hand (23), while insurance saw more corruption (45%) and billing (20%). The report found organizations with internal anti-fraud controls had lower fraud instances, and those proactive with data monitoring and analysis saw 52% lower losses and 58% faster detection.