Challenges & Scams

According to the Association of Certified Fraud Examiners' 2012 biennial Report to the Nation on Occupational Fraud and Abuse, the average organisation loses 5% of its yearly profits to occupational fraud. Certain industries are far more vulnerable than others. Fraud has a variety of effects on different industries. The retail industry, for example, may have a higher number of individual fraud incidents, but the average loss is smaller than in other industries. Everyone is vulnerable to deception, which is the universal denominator. Your organization's ability to protect itself will determine whether or not you become another statistic. The following are the industries with the highest rates of fraud: The banking and financial services sector is a multibillion-dollar industry. Because of its size and quantity of personnel, the government is especially vulnerable to fraud. The manufacturing industry is likewise more vulnerable to fraud, with 10% of cases documented. Healthcare practitioners are particularly prone to billing schemes, with billing fraud accounting for 40% of all healthcare fraud.