The likelihood of employee fraud may surprise you.
According to a 2018 report from the Association of Certified Fraud Examiners, the typical organization loses 5% of its annual revenue to fraud. Five percent is a considerable amount to lose for any business each year. On top of that, the report found 23% of cases involving employee fraud result in a loss of at least $1 million.
Because of this risk, companies should consider obtaining “fidelity insurance,” recognize the different types of employee fraud and have appropriate procedures in place for addressing any risks.