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Over half of the fraud in the survey produced losses in excess of $100,000 & one in six caused losses in excess of $1 million
The average loss in small companies costs $127,500
Average fraud operated for 18 months before detection
Most common method for detection “occupational” fraud was a tip from an employee, a customer, vendor or anonymous source
Fraud was detected by tips 41.1% of the time Internal audit was the second most common method of detecting fraud at 18.6.% of the time