Fraud is an act or omission where an individual(s) knowingly or recklessly misleads or attempts to mislead a party for the purpose of obtaining a financial or other benefit.  Fraud is a threat to businesses and the general public. 

 

The Association of Certified Fraud Examiners periodically publishes information regarding the real cost to businesses.  According to the 2020 Global Fraud Study, "Report to the Nations on Occupational Fraud and Abuse", the costs to businesses represent 5% of revenues annually or a median loss totaling $125,000.  The report further states that in a majority of the reported cases, the fraudster concealed their activities by creating and altering physical or electronic documents.  Unfortunately, small businesses, who tend not to have the means to implement anti-fraud controls, were disproportionately victimized when compared to larger companies.  Based on our extensive experience investigating occupational fraud, fraud often goes undetected for extended periods resulting in significant losses to the business.  The need for qualified and experienced financial forensics experts has never been greater.