Austin (April 8, 2002) -- Occupational fraud and abuse will cost U.S. businesses about $600 billion in revenue this year, according to the latest report by the Association of Certified Fraud Examiners.
CFEs participating in the study estimated that companies will lose 6 percent of revenue to occupational fraud in 2002, or about $600 billion. That's about $200 billion more than the losses estimated in the ACFE's 1996 report. While the expected rate of fraud remained the same as in the 1996 report, a rise in the gross domestic product rate from about $7 trillion to $10 trillion accounted for the increase, ACFE said in its 2002 Report to the Nation. And that's a conservative estimate, since not all fraud is detected or reported, ACFE warned.
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