Austin, Texas (July 26, 2004) -- The typical U.S. business loses an estimated 6 percent of its annual revenues to fraud, which translates into $660 billion in losses, according to data from the Association for Certified Fraud Examiners.
Small businesses suffer disproportionately larger losses due to occupational fraud and abuse, the ACFE reported in its third Report to the Nation on Occupational Fraud Abuse. The median cost experienced by small businesses in the study was $98,000 -- higher than the median loss experienced by all but the very largest organizations (those with more than 10,000 employees), the ACFE said. The median loss among the largest companies was $105,500. The 2004 ACFE study covered 508 cases of occupational fraud totaling over $761 million in losses.
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