Fighting Fraud in Financial Services: Data Visibility is Key
The ACFE report reveals global occupational fraud losses of $7 billion. Median losses for financial services and insurance are $110,000 and $153,000 respectively. Companies with internal anti-fraud controls see 52% lower losses and 58% faster detection. Data monitoring and analysis are key to reducing fraud.
Impact and considerations
Fraud risks in corporate travel and expense management are significant; data visibility and automated controls can substantially reduce losses, crucial for financial compliance.
Key points
- Global occupational fraud losses total $7 billion, with financial services and insurance heavily impacted.
- Median loss is $110,000 for financial services and $153,000 for insurance.
- Companies with internal anti-fraud controls see 52% lower losses and 58% faster detection.
- Data monitoring and analysis are key measures to reduce fraud losses.
Sources and time
- Primary source
- SAP Concur
- Other sources
- 0
- First source publication
- 29 Jun 2022, 19:47
- Page published
- 16 Aug 2026, 08:08
- Last updated
- 29 Jun 2022, 19:47
- Original links
- SAP Concur Blog：Fighting Fraud in the Financial Services Industry (opens in a new tab)Primary source · en · Published 29 Jun 2022, 19:47