In April 2018, the ACFE released the 2018 Report to the Nations, which provided a global analysis of the costs and effects of occupational fraud (i.e., fraud committed against the organization by its own officers, directors or employees). The report highlighted the tremendous impact occupational fraud has on organizations throughout the world.
In a new sub-report, we now focus more closely on how occupational fraud impacts Canada. This study is based on the 82 cases of occupational fraud from Canada that were reported in our 2017 Global Fraud Survey. Collectively, these cases, which accounted for 4% of all cases in our global study, caused a median loss of USD 200,000 and lasted a median 12 months before they were detected.
Here are few of the key findings from the report:
Fraudsters who had been with their organizations for more than five years stole 47% more than those who had less tenure.
Of the frauds in Canada, 62% occurred at for-profit organizations, with 40% of the victim organizations being private companies and 22% being public companies. The public companies suffered the greatest median loss at USD 362,000.
The most common detection method was by a tip (32% of cases), with 64% of these tips coming from employees of the victim organization.
Find more trends and analysis from the government sector, as well as download other useful infographics at ACFE.com/RTTNresources.