In today’s complex and interconnected business landscape, the specter of occupational fraud looms as an ever-present threat to organizations of all sizes and industries. Often originating from within the very ranks of trusted employees, occupational fraud encompasses a wide array of deceptive activities that result in financial loss, reputational damage, and operational disruption. As businesses strive to navigate an environment of increasing technological sophistication and evolving work paradigms, understanding the nuances of occupational fraud becomes paramount.
Don’t miss another episode of Truth In Data! Click on the red bell in the lower-left of your screen to receive notifications as soon as the episode publishes.
Data for today’s episode is provided by Javelin Strategy & Research’s Report: Commercial and Enterprise Payments Fraud: 2023 Edition
Occupational Fraud Percentage by Type
- 47% – Asset misappropriation only
- 32% – Asset misappropriation + corruption
- 12% – Corruption only
- 5% – Corruption + asset misappropriation + financial statement fraud
Source: Association of Certified Fraud Examiners, 2022
About Report
Fraud in commercial payments is a rising concern, with Javelin Strategy & Research data showing that businesses expect it to increase over the coming year. The reasons for pessimism are many—the ascendancy of digital payments, the complexity of global supply chains, increasingly sophisticated criminal schemes—and the threats to companies are internal and external.
Though fraudsters often seem to have the upper hand with their schemes, companies can counter effectively through the smart deployment of technology along with a corresponding shoring up of security measures and staff training to recognize the threats.
