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The Association of Certified Fraud Examiners

In the last video, we looked at some statistics from the Association of Certified Fraud Examiners (ACFE).

The ACFE, based in Austin, Texas, is the largest anti-fraud organization in the world. It provides anti-fraud education and training and aims to reduce occupational fraud worldwide. Every two years, the Association publishes the ACFE Report to the Nations on Occupational Fraud and Abuse.

2016 Report to the Nations

The most recent report, published in 2016, examined 2,410 cases of fraud, which were committed in 114 countries around the world. The total amount lost as a result of these fraud cases was $6.3 billion; in fact, the Association estimates that organizations typically lose 5% of their annual revenue as a result of fraud.

The ACFE’s research shows the importance of anti-fraud controls; organizations which do not have these controls generally lose twice as much money as organizations which have anti-fraud measures in place.

Further reading

We will look at some other statistics from the 2016 Report to the Nations later in the course. However, we would really recommend that you visit the ACFE’s Report to the Nations website and review some of their information for yourself. This will help you to develop your understanding of the three types of fraud which I described in the video, as you can learn more about the typical cost, frequency and duration of different fraud schemes. You could also explore other topics, such as how the characteristics of a typical fraudster vary by region, or why fraud particularly affects small businesses.

If you would like to read the full Report to the Nations, visit the ACFE’s Report to the Nations website and select ‘Download Report PDF’ from the menu at the bottom of the page. You can also access the report from the ‘Downloads’ section at the bottom of this step. If you don’t have time to read the full report, the ACFE website also includes some useful summaries of its statistics, such as this infographic showing the costs related to occupational fraud.

Share any interesting statistics you find with other learners in the comments. Are you surprised by any of these figures?

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Business Analytics: The Data Explosion

Kogod School of Business at American University

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