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ACFE REPORT TO THE NATIONS ON OCCUPATIONAL FRAUD AND ABUSE 2014 GLOBAL FRAUD STUDY. / / Letter from the President & CEO. In 1988, Dr. Joseph T. Wells founded the ACFE with a stated mission to reduce the incidence of fraud and white-collar crime and to assist members in its detection and deterrence.
especially harsh. This report focuses on occupational fraud schemes in which an employee abuses the trust placed in him or her by an employer for personal gain. The formal definition of occupational fraud is: The use of one’s occupation for personal Abuse and Abuse
formation provided by Certified Fraud Examiners, the report presented statistical data on the cost of occupational fraud, the perpetrators, the victims, and the various methods used to commit these crimes.
The report includes frauds that impacted organizations in a number of diferent industries. The industries most commonly victimized by fraud in our study were banking and financial services (15% of cases), government (12%) and healthcare (8%).
In total, the cases in this study caused over $761 million in losses. This report focuses on six areas: the cost of occupational fraud and abuse, the methods for committing these crimes, detection of occupational fraud, the victims, the perpetrators, and the legal outcomes of fraud cases.
Occupational fraud: personal enrichment through deliberate misuse or the organization’s resources or assets. Asset misappropriation: Employee steels an organization’s resources. Billing scheme: Fraudulent disbursement for fictitious good or services (i.e. shell company) 6. Some Definitions. Check tampering:
The report centers on occupational fraud, which is defined as frauds that individuals commit against the organizations that employ them. Occupational fraud is divided into three categories: Asset misappropriation: stealing or misusing resources. Corruption: bribery, conflicts of interest, and extortion.
