Companies vulnerable to fraud risks

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More than half of organizations don’t have any budget set aside for fraud prevention or risks, according to a new survey by the Association of Certified Fraud Examiners.

The ACFE survey found that 38 percent of the anti-fraud professionals polled around the world said their organization was unable to identify or address the fraud risks they know they have.

In addition, 38 percent of the poll respondents said lack of communication between departments was the biggest risk, and 32% said they lacked proper checks and balances, and 54 percent indicated their organization doesn’t have any dedicated budget for fraud prevention or risks.

Twenty-two percent of the survey respondents said their employer was unwilling to address their fraud risks. Despite all that, 79 percent of the poll respondents said they are confident their organization could respond to fraud. The ACFE has created an infographic showing the survey highlights.

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